Washington, DC – Joseph J. Murin today became the 16th president of the Government National Mortgage Association (Ginnie Mae), after the U.S. Senate confirmed his nomination to lead the government corporation. Murin, who brings over 35 years of mortgage and banking industry experience to Ginnie Mae, promised to continue increasing access to affordable housing for low- to moderate-income families and fostering stability to the nation's troubled housing market.

"This is a critical time in the housing industry," said Joseph J. Murin, president of Ginnie Mae. "It is clear that the market needs safety and security and that is exactly what Ginnie Mae offers - reliable mortgage securitization products that are backed by the full faith and credit of the U.S. As president, I will make sure Ginnie Mae works hard to bring stability back to the industry."

U.S. Housing and Urban Development Secretary Stephen Preston swore in Murin during a private ceremony. "In recent months we have seen just how important Ginnie Mae is to the mortgage finance industry," said Preston. "Adding an executive with Joe Murin's depth of experience and leadership qualities will only enhance what Ginnie Mae has to offer the secondary market. I look forward to working with him as we continue to expand affordable housing opportunities to more Americans."

During his confirmation hearing before the Senate Banking Committee, Murin also offered his commitment to expanding affordable housing. Murin said, "Ginnie Mae may be in the best position to meet its mission since its inception. Even with the challenges that face us, we can continue to help American families become homeowners. I am committed to making a difference in lives throughout America."

Prior to his confirmation, Murin served as the managing partner of the Mortgage Settlement Network, LLC in Pittsburgh, PA. There, he used this experience to establish and execute its strategic direction and was the driving force behind the company's long-range plans and objectives. Mr. Murin sold the Mortgage Settlement Network in August 2007.

Murin joined Basis100 in December 2001 as the company's president and chief operating officer. One year later, he became the chief executive officer of the Toronto-based technology company, which is responsible for the development of the Canadian Bond trading system, as well as the current Automated Property Valuation (AVM) offering, which is currently utilized in the U.S. real estate market.

Murin has served in a variety of executive positions during his extensive career, including a tenure as president of Century Mortgage and regional president of American Pioneer Savings, both in Florida.

Murin holds a bachelor's degree in business from National Louis University. Murin and his wife, Angela, have two married daughters and three grandchildren.

Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the mortgage-backed security (MBS), guaranteeing the very first security in 1970. A MBS enables a mortgage lender to aggregate and sell mortgage loans as a security to investors. Ginnie Mae securities carry the full faith and credit of the United States Government, which means that, even in difficult times, an investment in Ginnie Mae is one of the safest an investor can make.