Murin Sees Growing Role for Ginnie Mae

Ginnie Mae is essential to the recovery of the market, said Ginnie Mae president Joseph Murin addressing the 4th Annual Mortgage Lending Industry Strategic Markets and Diversity Conference at the National Harbor, Maryland. Furthermore, he noted that after the government takeover of Fannie Mae and Freddie Mac, Ginnie Mae is taking a leadership role in helping secure affordable housing and secondary market funding. One clear indicator is Ginnie Mae's current and expected growth, especially in the secondary market where Ginnie Mae is now a critical player. Projections of Ginnie Mae mortgage-backed securities show that in 2008 Ginnie's volume will reach $210 billion, compared to only $90 billion in 2007. Further, by the end of 2009 it is expected to cross the $1 trillion mark, he said. This means Ginnie Mae may represent over 40% of the mortgage-backed securities business by yearend 2009.