WASHINGTON (AP) — The head of the government agency that packages federally backed mortgages into investments is stepping down for a new job, people familiar with his plans said.
Joseph Murin, president of the Government National Mortgage Association, known as Ginnie Mae, is leaving his job this week after 13 months. The people declined to be identified because his departure was not yet official, and would not say where Murin is going to work next.
Ginnie Mae, part of the Department of Housing and Urban Development, sells securities made up of loans backed by the Federal Housing Administration and the Department of Veterans Affairs. That business has surged after the mortgage meltdown.
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Ginnie Mae sold more than $200 billion in mortgage securities in the first six months of 2009, double last year’s level.
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