Theodore Foster is leaving Ginnie Mae after 19 years, and his colleague Steve Ledbetter will become the new senior vice president for mortgage-backed securities, MortgageWire has learned. Mr. Foster is heading to Minneapolis to work for Wells Fargo Bank, an industry source said. Mr. Ledbetter is currently the director of securities policy and research at Ginnie Mae. Meanwhile, Michael Frenz returned to his post as Ginnie Mae's executive vice president about four weeks ago. He had been detailed by the Department of Housing and Urban Development to work in another section of the department. Ginnie's MBS business has picked up over the past four quarters, as issuance hit $15 billion in March and jumped to $21.5 billion in May.
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