New Ginnie Chief, Fed Governor Confirmed

The Senate has confirmed Joseph Murin to be the new president of Ginnie Mae and Elizabeth Duke to be a member of the Federal Reserve Board. Mr. Murin was the owner and managing partner of Mortgage Settlement Network from 2004 through August 2007. The Pittsburgh-based company provides title, appraisal, and closing services. President Bush nominated the mortgage industry veteran to the Ginnie post back in October. The Senate also confirmed Ms. Duke, a Virginia community banker, so the Federal Reserve Board would continue to have five voting members once Fed governor Frederic Mishkin steps down on Aug. 31. The seven-member board currently has two vacancies. "In confirming Elizabeth Duke to a term through 2012, we are ensuring the Fed can function during these difficult economic times," said Senate Majority Leader Harry Reid, D-Nev.