Frank Cassidy

Frank Cassidy
Assistant Secretary of Housing and Urban Development for Housing
Federal Housing Commissioner
In office
January 15, 2026 – June 1, 2026
PresidentDonald Trump
Preceded byJulia Gordon
Principal Deputy Assistant Secretary for Housing
In office
April 14, 2025 – January 15, 2026
PresidentDonald Trump
Personal details
BornFrancis X. Cassidy III
(1989-06-28) June 28, 1989
Pennsylvania, U.S.
PartyRepublican
EducationSaint Joseph’s University (BA)
OccupationCommercial Real estate finance executive, government official

Frank Cassidy (born June 28, 1989) is an American commercial real estate finance executive and former government official who served as Assistant Secretary for Housing and Federal Housing Commissioner at the United States Department of Housing and Urban Development.[1][2]

Prior to entering government service, Cassidy spent 14 years in commercial real estate finance.[3][4] He was nominated by President Donald Trump in 2025 and confirmed by the U.S. Senate in December 2025.[1][2]

As Federal Housing Commissioner, Cassidy led Housing and Urban Development's Office of Housing and oversaw the Federal Housing Administration (FHA).[5]

Early life and education

Frank Cassidy was born in Montgomery County, Pennsylvania and was raised in Springfield Township. He graduated from La Salle College High School in Wyndmoor, Pennsylvania.[3]

He later earned a bachelor's degree from Saint Joseph's University in Philadelphia.[6]

Career

Commercial real estate finance

Before joining the United States Department of Housing and Urban Development, Cassidy built a career in commercial real estate finance, specializing in multifamily housing, healthcare facilities, seniors housing, and government-insured lending.[3][4][7]

He held positions with Oppenheimer Holdings, Newmark, and Walker & Dunlop.[6]

At the time he was approached by the Trump administration in February 2025, Cassidy was working in Philadelphia as Senior Managing Director of FHA Finance for Walker & Dunlop.[8]

Housing and Urban Development

Cassidy joined the United States Department of Housing and Urban Development in April 2025 as Principal Deputy Assistant Secretary for HUD's Office of Housing and the Federal Housing Administration. In that role, he oversaw HUD's Office of Housing and FHA's mortgage insurance programs.[9]

President Donald Trump nominated Cassidy to serve as Assistant Secretary for Housing and Federal Housing Commissioner in August 2025.[10]

The United States Senate Committee on Banking, Housing, and Urban Affairs held a nomination hearing on October 30, 2025.[11][12] The Senate subsequently confirmed Cassidy in December 2025.[13]

Federal Housing Commissioner

As Federal Housing Commissioner, Cassidy oversaw FHA loan programs supporting single-family homeownership, multifamily rental housing, healthcare facilities, and manufactured housing.[1][14]

Under Cassidy's direction, Federal Housing Administration programs were modernized and regulatory burdens were reduced, while housing access was expanded.[3][14][15] Additionally, Cassidy eliminated sustainability requirements for multifamily mortgages.[3] In the single-family market, he revised the FHA’s loss mitigation waterfall intended to improve borrower outcomes and reduce losses to the Mutual Mortgage Insurance Fund.[1] Cassidy also created a "fast-track program" for Section 232 loans.[16] During Cassidy's tenure, the FHA announced it would adopt FICO 10T and VantageScore 4.0 as eligible credit scoring models.[17][18] He cited "a multifamily premium cut as being among his accomplishments."[19]

In the FHA, Cassidy worked to establish relationships with lenders, developers, and other housing-market participants.[3][4][20] He additionally sought to reduce regulations,[21] and argued that removing 'red tape' would help solve the housing crisis.[22] Cassidy described FHA as a public-private partnership.[4]

In 2025, Cassidy, along with Scott Turner, the United States Secretary of Housing and Urban Development, submitted the FHA’s Fiscal Year 2025 Annual Report to Congress on the Mutual Mortgage Insurance Fund; it reflected the aim of "expanding access to homeownership for first-time and underserved borrowers."[23] Cassidy sought to run the FHA more like a business, with emphasis on efficiency, customer service, and processing times.[3][24][21]

In June 2026, Cassidy resigned from HUD and returned to the private sector, becoming senior managing director at Walker & Dunlop.[3][25][26]

Politics

Cassidy supported the appointment of Bill Pulte as Director of National Intelligence in June 2026.[27]

Philanthropy

In 2024, Cassidy started The Frank Cassidy '08 Endowment Fund at La Salle College High School to give "financial assistance to students who have demonstrated financial need".[8]

In June 2024, Cassidy established the Francis X. Cassidy Jr. Memorial Scholarship at DeSales University, in honor of his father.[28]

References

  1. 1 2 3 4 Nunes, Flávia Furlan (June 5, 2026). "Frank Cassidy steps down as FHA Commissioner". HousingWire.
  2. 1 2 Strupp, Julie (June 12, 2026). "Frank Cassidy on how he made HUD multifamily-friendly". Yahoo News. Retrieved June 22, 2026.
  3. 1 2 3 4 5 6 7 8 Schwedelson, Paul (June 10, 2026). "After whirlwind year at HUD, former U.S. housing commissioner Frank Cassidy returning to private sector". Philadelphia Business Journal. Retrieved June 22, 2026.
  4. 1 2 3 4 Dumay, Cassandra (June 3, 2026). "POLITICO Pro Q&A: Former Federal Housing Administration Commissioner Frank Cassidy". Retrieved June 22, 2026.
  5. ↑ "Senate Confirms Frank Cassidy as Assistant Secretary for Housing and Federal Housing Commissioner". United States Department of Housing and Urban Development. June 2, 2026. Retrieved June 22, 2026.
  6. 1 2 Arnold, Ted (October 31, 2025). "Biographies for HUD Nominees: FHA Commissioner Cassidy and Ginnie Mae President Gormley". National Housing & Rehabilitation Association.
  7. ↑ Broeksmit, Bob (August 2, 2025). "MBA Supports Nomination of Frank Cassidy as FHA Commissioner". MBA.
  8. 1 2 Genova, Ryan (June 22, 2026). "Wyndmoor native, LSCHS grad returns home after serving as President Trump's federal housing commissioner". Glenside Local.
  9. ↑ "HUD Announces Senate Confirmation of Senior Leaders". United States Department of Housing and Urban Development. Retrieved June 22, 2026.
  10. ↑ "HUD Archives: Senate Confirms Frank Cassidy as Assistant Secretary for Housing and Federal Housing Commissioner". U.S. Department of Housing and Urban Development. June 2, 2026.
  11. ↑ "Nomination Hearing". United States Committee on Banking, Housing, and Urban Affairs. October 30, 2025. Retrieved June 22, 2026.
  12. ↑ Williams, Rachel (November 3, 2025). "Senate Hearing Exposes Tensions Over HUD Layoffs and Housing Access". The MortgagePoint.
  13. ↑ "Senate Confirms Cassidy as FHA Commissioner, Gormley as Ginnie Mae President". NAHB. December 19, 2025.
  14. 1 2 Souza, Eric (June 5, 2026). "Departing FHA Commissioner on his achievements, and the road ahead". Scotsman Guide.
  15. ↑ Souza, Eric (April 10, 2026). "Gormley temporarily steps into FHA commissioner role as Cassidy takes leave". Scotsman Guide.
  16. ↑ Marselas, Kimberly (February 12, 2026). "Healthcare facilities lending getting 'attention it deserves' with HUD turnaround". McKnight's Long-Term Care News.
  17. ↑ Nunes, Flávia Furlan (April 22, 2026). "FHFA launches VantageScore 4.0 pilot; HUD signals FICO 10T for FHA". HousingWire. Retrieved July 13, 2026.
  18. ↑ Souza, Eric (May 22, 2026). "FHA affirms tri-merge requirement for FICO 10T, VantageScore 4.0 rollouts". Scotsman Guide. Retrieved July 13, 2026.
  19. ↑ Sinnock, Bonnie (June 11, 2026). "Ex-FHA commissioner: Fund strong enough for rate cut". National Mortgage News.
  20. ↑ Nunes, Flávia Furlan (June 9, 2026). "Cassidy leaves FHA, cites $50 billion profit and reforms". HousingWire.
  21. 1 2 Dolce, Natalie. "Inside HUD's Plan to Make Housing More Affordable". GlobeSt.
  22. ↑ Navera, Tristan (June 12, 2026). "Outgoing FHA Director Says Slashing Red Tape Is Key To Solving Housing Crisis, Not More Subsidies". Realtor.
  23. ↑ "FHA Delivers Report On The Mutual Mortgage Insurance Fund: Capital Strength Stable". December 31, 2025.
  24. ↑ Nunes, Flávia Furlan (June 9, 2026). "Cassidy leaves FHA, cites $50 billion profit and reforms". HousingWire.
  25. ↑ Strupp, Julie. "Frank Cassidy on how he made HUD multifamily-friendly". Multifamily Dive.
  26. ↑ "Former FHA Commissioner Frank Cassidy Returns To Walker & Dunlop". National Mortgage Professional. July 7, 2026.
  27. ↑ "Former Trump Housing Chief Frank Cassidy Praises Bill Pulte's Move to Acting DNI". Fox News. June 7, 2026.
  28. ↑ Hill, Janelle (June 11, 2024). "DeSales Announces Francis X. Cassidy Jr. Memorial Scholarship". DeSales University.
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