Ginnie Mae President Joe Murin Resigns

MortgagernNews Daily has learned that the President of Ginnie Mae, Joseph Murin, has submitted his resignation.

Murin'srnresignation follows the August 6, 2009 departure of Federal Housing FinancernAgency Director James Lockhart. In Lockhart's statement to the public hernmentioned that since his tenure began in May of 2006 he had seen the housingrnmarket through one of the most difficult periods in history and that it wasrntime to “move on to the next chapter” as the GSEs are now stronglyrnsupporting the housing stabilization.

JoernMurin was sworn in as the 16th President of Ginnie Mae on July 7, 2008. In Murin's first public press release after being sworn in he stated….”This is a critical time in the housing industry, it is clear that the market needs safety and security and that is exactly what Ginnie Mae offers – reliable mortgage securitization products that are backed by the full faith and credit of the U.S. As president, I will make sure Ginnie Mae works hard to bring stability back to the industry.” 

Duringrnhis tenure Murin successfully kept his promise of increasing access tornaffordable home funding for low- to moderate-income families and fosteringrnstability at a time when the access to private funding in the secondary marketrndissolved.

Overrnthe past year Ginnie Mae has expanded its participation in the mortgage marketrnconsiderably. For the first six months of 2009, Ginnie Mae provided nearly $207rnbillion of liquidity to the secondary market, $100 billion more in loanrnfundings compared to the first six months of 2008 when Ginnie Mae securitizedrn$107 billion in loans.

InrnJune of 2009 Ginnie Mae issued a record $43 billion in mortgage-backedrnsecurities (MBS). In total, this year Ginnie Mae is expected to provide over $1rntrillion in support to American homeowners looking to purchase a new home orrnrefinance out of a higher costing mortgage payment.

Sources cite there are no negative connotations behind Murin's resignation and that these plans have been in the works for a matter of weeks. Murin is planning to remain deeply involved in the housing and financial services sector. More details expected next week.

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