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.
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.