Ginnie Mae president Joseph Murin resigns after only being in office for 13 months.
This comes only a week after FHA Agency Director, James Lockhart, resigned a week earlier.
Maybe I’m too much of a conspiracy theory advocate, but it seems strange that this all happens immediately after the closing of the 3rd largest FHA lender, Taylor Bean and Whitaker, was shut down.
Ginnie Mae is a purchaser of Federal Mortgage Backed Securities, mainly FHA and VA loans. Their bonds are sold on the market similarly to Fannie Mae and Freddie Mac mortgage backed securities.
Here’s an article on Mortgage News Daily about the breaking news.
Mortgage News Daily has learned that the President of Ginnie Mae, Joseph Murin, has submitted his resignation.
Murin’s resignation follows the August 6, 2009 departure of Federal Housing Finance Agency Director James Lockhart. In Lockhart’s statement to the public he mentioned that since his tenure began in May of 2006 he had seen the housing market through one of the most difficult periods in history and that it was time to “move on to the next chapter” as the GSEs are now strongly supporting the housing stabilization.
LINK TO THE REST OF THE ARTICLE
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