Ginnie Nominee Raises Staffing Issue

Ginnie Mae guaranteed $22 billion in mortgage-backed securities in May, and the secondary-market agency will face "issues" such as possible understaffing as MBS issuance continues to increase, according to the president's nominee to head the agency. Joseph Murin told the Senate Banking Committee at his confirmation hearing that Ginnie Mae has only 65 full-time employees, and he indicated that the agency will have to face those issues as time goes on and issuance increases. The former president of Mortgage Settlement Network also testified that legislation "is needed" to expand the Federal Housing Administration program and help more struggling homeowners. He pledged that Ginnie Mae will "act diligently" to achieve the best execution of those securitizations. "If it is enacted, I think the investor community will embrace it, from what I am told and what I see," Mr. Murin said. President Bush nominated Mr. Murin to be the new Ginnie Mae president back in October. Ginnie can be found on the Web at http://www.ginniemae.gov.