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
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.