NEW YORK Oct 11 The White House on Thursday said President George Bush intends to nominate Joseph Murin as president of the Government National Mortgage Association, or Ginnie Mae.
Murin most recently was president of the Mortgage Settlement Network, LLC, a provider of loan settlement services, according to a White House statement. Previously, he was chief executive officer of Basis100, a mortgage automation company acquired by the First American Corp (FAF.N).
Ginnie Mae, a government-owned corporation established in 1968, operates under the Department of Housing and Urban Development to package loans into guaranteed mortgage-backed securities. Loans originated under programs from the Federal Housing Administration and the Veterans Administration make up most of the collateral in Ginnie Mae securities.
An initiative by the Bush administration to help borrowers pinched by the housing slump and facing default refinance into government programs is expected to boost Ginnie Mae's share of the $7.2 trillion mortgage bond market, where it competes with mortage finance companies Fannie Mae and Freddie Mac.
Murin would replace Robert Couch, who in June was confirmed as HUD's general counsel.