Ginnie Mae President to Resign

Ginnie Mae President Joseph Murin was supposed to have stepped down last week on Friday says the Wall Street Journal.  Murin, who has held the position since July 2008, told WSJ on Thursday that he plans to start a new business that will provide strategic advice and consulting to the mortgage industry.

His resignation is the third departure this year of the top executive for the main companies responsible for the majority of U.S. mortgage financing.

Ginnie Mae continues to play an increasing role in the reverse mortgage industry as companies look for alternatives to Fannie Mae.  Its HECM MBS program set a record in June, issuing $590 million HMBS, smashing its previous record of $262 million in May 2009.

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Murin has been very supportive of the reverse mortgage industry and played an important role in getting the HMBS program off the ground.  Thus far, in this fiscal year (October 2008 – June 2009) GNMA has already issued $1,602,761,822 of its HMBS, up from FY 08 HMBS issuance of $1,159,221,127.

 

No word on who will replace Murin.

Ginnie Mae Head To Step Down Friday, Start Consulting

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  • When a friend to the program leaves an Administration with no replacement, it is an uneasy time.

    With fixed rate HECMs on the rise, the Ginnie Mae alternative is excellent. If adjustable rates become more popular as in the past, the Ginnie Mae alternative will be far less attractive.

    It is not surprising that critical positions in the government related mortgage and housing agencies are being vacated. The Administration has not shown the fortitude needed to take on Congress when Congress sends conflicting messages to regulators and heads of agencies; in fact, the Administration seems bent on doing the same.

    Congress on one hand has been demanding tighter controls on bank lending standards while at the same time demanding that banks lend to less credit worthy borrowers. Somehow, someway those two positions appear to be in conflict. They are among the chief reasons why subprime lending started and flourished. Instead of taking leadership to question the reasonableness of these apparently incompatible positions, the Administration chooses to ignore them.

    There has been a lot of rhetoric of leadership from the President but little substance. With a spark of good news there is hope given that the housing market is making a significant turn. Well, like most industry leaders predicted, it is time to begin hunkering down to yet another dreadful winter in the housing industry. With such a large looming shadow inventory of homes whose owners are in default or foreclosure, a difficult and conflicted Congress, an Administration spreading “irrational euphoria” about the shape that the housing market actually is in, and the public looking for anyone and everyone to blame, this is not the most pleasant time to be serving in agencies dealing with housing issues in our government. Usually departures of this number in any one area normally come at the end of the first term of an Administration not in its first 220 days.

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