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EXCLUSIVE: Outgoing HUD Deputy Secretary Pam Patenaude gives full support to Ginnie Mae’s Maren Kasper

Patenaude says she has “complete confidence” in new Ginnie Mae president

There may be a few questions about new Ginnie Mae Acting President Maren Kasper, but Kasper just received a full-throated endorsement from perhaps the most powerful woman in housing.

“I have complete confidence in Maren’s ability to succeed,” outgoing Department of Housing and Urban Development Deputy Secretary Pam Patenaude told HousingWire on Thursday.

HUD announced Wednesday that Michael Bright, who was serving as the acting president and was the Trump administration’s nominee to lead Ginnie Mae on a permanent basis, is stepping down to lead the Structured Finance Industry Group, as it turns out.

At the same time, HUD said that Kasper, Ginnie Mae’s current executive vice president, will serve as acting president in Bright’s absence.

Kasper joined Ginnie Mae in June 2017, bringing experience from RoofstockB2R Finance, and Wells Fargo Securities. In her role as executive vice president, Kasper oversees all aspects of business and policy development related to Ginnie Mae’s daily operations.

In his resignation letter to HUD Secretary Ben Carson, Bright told Carson that he can “be assured that a smooth transition will take place via the leadership structure we have established at Ginnie Mae.”

According to Patenaude, who is second in command at HUD but set to step down soon, Bright and Kasper worked very well together during their time at Ginnie Mae, better than she’s ever seen before in her career.

“Maren has been a partner with Michael since she arrived at Ginnie Mae,” Patenaude told HousingWire. “They worked side by side. It’s the best business partnership I have ever seen.”

Patenaude also spoke highly of her experience working directly with Kasper, telling HousingWire that the pair worked closely on disaster issues involving the mortgage market in Puerto Rico after the 2017 hurricanes.

Patenuade also said that Kasper is well thought of at the agency that she will soon lead. “The Ginnie Mae employees love her,” Patenaude said. “She is ready to lead Ginnie Mae.”

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