Joseph Murin, president of Ginnie Mae, is reportedly set to announce his resignation from his post. Murin will depart his Ginnie Mae post after only a year in his role as president. He was sworn in as the agency's 16th president on July 7, 2008.
Early reports state that Murin is stepping down to seek out business opportunities in the private sector after his departure. Prior to his role with Ginnie Mae, Murin was president of Mortgage Settlement Network LLC, a Pittsburgh-based provider of loan settlement services and appraisals.
Ginnie Mae guarantees investors the timely payment of principal and interest on mortgage-backed securities (MBS) backed by federally-insured or guaranteed loans, mainly loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Other guarantors or issuers of loans eligible as collateral for Ginnie Mae MBS include the Department of Agriculture's Rural Housing Service (RHS) and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH).
Ginnie Mae securities are the only MBS to carry the full faith and credit guaranty of the United States government, which means that even in difficult times an investment in Ginnie Mae MBS is one of the safest an investor can make.
Ginnie Mae has expanded its presence in the mortgage market of late, having provided nearly $207 billion of liquidity to the secondary market, $100 billion more in loan fundings compared to the first six months of 2008 when Ginnie Mae securitized $107 billion in loans.
An official announcement of Murin's departure is expected within the next week.
For more information, visit www.ginniemae.gov.