President Obama announced the nomination of Ted Tozer for President of the Government National Mortgage Association (GNMA) last week.  The position was previously held by Joseph Murin, who stepped down in August to form a consulting company. 

Tozer would bring over two decades of mortgage experience to GNMA.  Most recently, Tozer has served as the Senior Vice President of Capital Markets at National City Mortgage, now a part of The PNC Financial Services Group, since 1989.  His responsibilities have included pricing, hedging, loan delivery, loan sales, and new product design.

Mortgage Bankers Association (MBA) President and CEO John A. Courson endorsed  President Obama’s intention to nominate Tozer and called on the Senate to quickly take up and approve the nomination. 

"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."

Issuance of GNMA’s reverse mortgage MBS product has gone from 1.357 Billion in 2008 and $6.902 in 2009.