Ginnie Creates MBS Risk Panel

Ginnie Mae's rapid growth has prompted its new president, Joseph Murin, to establish a risk committee and take other steps to ensure that the agency continues to guarantee high-quality mortgage-backed securities. "This is a very turbulent time for the mortgage industry," the Ginnie Mae president said. "We have to take a long, hard look at our strategy to ensure we continue on the right path." Mr. Murin has appointed Ginnie veteran Stephen Ledbetter to be the agency's chief risk officer. He is also reconstituting the Ginnie Mae issuer review board. Mr. Ledbetter will continue to serve as acting vice president for MBS. The secondary-market agency guaranteed $39.1 billion in MBS in the first quarter and $67.7 in the second quarter, including $1.1 billion in jumbo MBS in June. Ginnie can be found on the Web at http://www.ginniemae.gov.