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On the Hill Episode 14: Michael Bright, CEO, Structured Finance Association

In this episode of On the Hill, Tim Rood, Head of Industry Relations, talks with Michael Bright, CEO of the Structured Finance Association, about the future of the non-agency, non-QM securitization market, and the private sector's role in augmenting the work of the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac.

“Originators have appetite to not be beholden to only three organizations to sell their mortgages,” Bright said. “They want to have partnerships, they want to be innovative in their secondary marketing structures, and they want to forge relationships with investors, who understand the way that they originate, do quality control and service mortgages.”

Rood and Bright also discuss the more expansive regulatory environment in Washington, D.C., and how that might ultimately hurt consumers. Government “can wade into into arenas where they’re misunderstanding some of the fundamental roles of the players involved… (and) you could run the risk of shutting down a market, which would be the exact opposite of the idea of allowing consumers to have safe and reliable access,” Bright noted.

 

Bright joined the Structured Finance Association in January 2019. He was previously the Chief Operating Officer of the Government National Mortgage Association, where he managed all operations for Ginnie Mae’s $2 trillion portfolio of mortgage-backed securities. Bright has also served as a director at the Milken lnstitute’s Center for Financial Markets and as an advisor to Senator Bob Corker. Prior to coming to Washington, Bright traded interest rate derivatives for Wachovia, among other roles. He holds a B.A. in American Foreign Policy and International Economics from Johns Hopkins University and an MA in the same disciplines from the Johns Hopkins School of Advanced International Studies.

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