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Welcome to the Ginnie Mae Web Site
Supporting the Expansion of Affordable Housing in America
A Message From the President
First, let me start by thanking President Bush for nominating me as the 16th President of the Government National Mortgage Association (Ginnie Mae). I would also like to thank the members of the United States Senate for their trust and confidence in confirming me to this position.
Homeownership is a big part of the American dream. With this in mind, I very much look forward to taking the reigns of Ginnie Mae during such an important time in the industry.
The subprime collapse has dramatically changed the housing industry; credit is tightening; home prices are declining; and foreclosures are on the rise. During these times, the importance of Ginnie Mae is abundantly clear. Ginnie Mae's role is even more critical for first-time homebuyers. As a result, we must do all we can to help the industry, potential new homeowners, and the economy rebound from this crisis.
I bought my first home with a Federal Housing Administration (FHA)-insured loan. I have spent my entire career in the housing industry.
Given my background, I understand the significance of the tremendous change that is taking place in our industry. Change is, however, not new to the housing market. It is also something that should not be feared. Rather, we should embrace it and learn from it - in order to create better solutions. In my prior leadership roles, I have seen the challenges that borrowers faced dealing with the old system. The experience prompted me to engage the company's use of innovative technology. Moving to this technology not only elevated the borrower experience, but it resulted in a more efficient use of human capital within the mortgage process.
This need to help borrowers is why I'm thrilled to have the opportunity to work with Secretary Preston and our partners in the Administration to develop new ways to expand homeownership. As the Secretary has stated, we must think of the future and look to provide "a longer term foundation for reform in the institutions that give homeowners access to capital to make the American Dream possible, while also generating enduring confidence in our financial markets."
Part of this confidence lies in finding ways to provide the secondary market with the liquidity it needs. I'm happy to see investors returning in record numbers to Ginnie Mae for its safety and stability. We strongly believe this trend will continue. In fact, our recent surge in volume clearly supports this trend. This interest from investors supports our issuers and further underscores the importance of originating FHA loans and using Ginnie Mae as a securitization outlet. FHA and Ginnie Mae are important elements of a diverse housing finance system - and necessary elements when credit tightens.
Our current crisis is in some ways a challenge that Ginnie Mae was created to handle. While changes may come, it is important to realize that the industry needed to make these changes. As the recipient of an FHA loan long ago, I fully understand how Ginnie Mae's programs help American families who never thought they might be fortunate enough to own a home. I am committed to ensuring this organization does all it can in this new environment. It is definitely something we can tackle. Now, let's get started.
Joseph J. Murin
President of the Government National Mortgage Association
Learn More About Mr. Murin
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