John A. Courson, president and CEO of the Mortgage Bankers Association (MBA), strongly endorsed yesterday's announcement by President Obama of his intention to nominate Theodore W. Tozer to be president of the Government National Mortgage Association (Ginnie Mae) and called on the Senate to quickly take up and approve the nomination. Tozer is currently senior vice president of capital markets for National City Mortgage, part of the PNC Financial Services Group. Courson issued the following statement.
"Ted Tozer is a brilliant choice to lead Ginnie Mae through the current turmoil in the housing and secondary mortgage markets. As Ginnie Mae's role in the market has increased as a result of the tremendous growth of FHA, I can't think of anyone better suited to run Ginnie Mae.
"Ted has been an active member of MBA for more than two decades, including serving as chairman of our Residential Secondary and Capital Markets Committee, and has been a thought-leader on secondary market issues. Ted has unparalleled experience and expertise in the unique nature of the secondary mortgage market that will serve the American people well in his new position.
"We look forward to continuing our close working relationship with Ted and hope that the Senate will move quickly to approve his nomination."
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