After announcing on Wednesday, that he would be stepping down as EVP and COO of Government National Mortgage Association (Ginnie Mae), Michael Bright is joining the Structured Finance Industry Group Inc. (SFIG) as President effective January 21, 2019, SFIG said in a statement on Thursday.
In this new role, Bright will lead SFIG’s education, policy, and advocacy initiatives, helping to achieve the group’s goal of building the broadest possible consensus among members across the industry, and reinforcing the understanding that securitization is an essential source of core funding for the real economy. He will report to SFIG’s Board of Directors.
The U.S. Department of Housing and Urban Development (HUD) and Ginnie Mae had earlier announced that Bright will be stepping down on January 16. In his resignation, Bright requested that his nomination for President of the agency be withdrawn to pursue a new opportunity in the private sector.
“The securitization industry plays a fundamental role in our economy and it is vital that policymakers and the industry work constructively together as the market continues to evolve. I am honored to join the SFIG team and see tremendous opportunity to build on this group’s success as the voice of securitization,” Bright said. “I look forward to working with all of our members to represent the diverse views of this critical field and continuing to provide meaningful education, advocacy, and connection for our members across all aspects of securitization.”
“On behalf of the SFIG Board of Directors, I am very pleased to welcome Michael to SFIG. His hands-on leadership experience in the financial markets and expertise with legislative and policy initiatives will be a significant asset for our members,” said Howard Kaplan, Chair of SFIG’s Board of Directors.
Prior to joining Ginnie Mae in 2017, Bright served as Director at the Milken Institute’s Center for Financial Markets. He was previously a member of BlackRock’s financial advisory unit. “Bright has touted as a policy a policymaker, practitioner, and leader across all aspects of the securities industries,” SFIG stated in its announcement.
“We are thrilled to welcome to SFIG such a highly regarded industry veteran and are fully supportive of the Board’s decision,” said Covell Adams, Sairah Burki, Dan Goodwin, Kristi Leo and Leslie Sack, SFIG’s Operating Committee. “Michael’s track record of policymaking along with his notable operating experience make him uniquely suited to lead SFIG into its next chapter.”
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