Murin confirmed new Ginnie Mae president.(Briefing Book)(Joseph J. Murin has became president of Government National Mortgage As

With little more than half a year left before a new administration takes over the Oval Office, the Senate in late June confirmed the White House's newest president of Ginnie Mae.

Joseph J. Murin became Ginnie Mae's 16th president after being sworn in by HUD Secretary Stephen Preston, who himself assumed office in early June.

"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."

Murin replaces Robert M. Couch, a former chairman of the Mortgage Bankers Association, who stepped down from Ginnie Mae last year to become HUD general counsel.

Current MBA Chairman Kieran P. Quinn, CMB, praised the Senate's quick action in confirming the new Ginnie Mae president.

"MBA is thrilled with the action the Senate has taken in confirming Mr. Murin for this critical position. Ginnie Mae is an extremely vital organization and requires a strong, knowledgeable leader," said Quinn. "With over 35 years of mortgage and banking industry experience, Mr. Murin possesses the leadership skills and extensive mortgage market knowledge needed to effectively guide Ginnie Mae through the current market environment. It is his thorough understanding of this dynamic mortgage market that makes him an excellent choice for president of Ginnie Mae."

Murin promised to continue increasing access to affordable housing for low- to moderate-income families and fostering stability in the nation's troubled housing market.

"This is a critical time in the housing industry. 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.," said Murin. "As president, I will make sure Ginnie Mae works hard to bring stability back to the industry."

During his confirmation hearing before the Senate Banking Committee, Murin offered his commitment to expanding affordable housing.

"Ginnie Mae may be in the best position to meet its mission since its inception," said Murin. "Even with the challenges that face us, we can continue to help American families become homeowners."

Prior to his confirmation, Murin served as the managing partner of the Mortgage Settlement Network LLC, Pittsburgh, before selling it in August 2007. He will serve until President Bush's term expires in January.