Washington, D.C.–Ted Tozer was sworn in today as the President of the Government National Mortgage Association (Ginnie Mae). Tozer will be responsible for ensuring Ginnie Mae safely guarantees the principal and interest payments on mortgage-backed securities (MBS) backed by loans insured or guaranteed by the FHA, VA, HUD’s Office of Public and Indian Housing, and the USDA’s Rural Development Housing & Community Facilities Programs.
“Tozer is the right person to guide Ginnie Mae through the turmoil in the housing and secondary mortgage markets,” says HUD Secretary Shaun Donovan. “Until the markets completely stabilize, a security backed by the full faith and credit of the United States is critical to the market. Tozer brings the experience to help Ginnie Mae continue playing that important role while also helping it to eliminate additional risk.”
Tozer says, “I understand the needs of the mortgage banking industry and I understand the important service Ginnie provides and the delicate balance it must strike between all three of its major stakeholders: issuers, investors, and the US Treasury.”
Tozer has been the senior vice president of Capital Markets at National City Mortgage, now a part of The PNC Financial Services Group, since 1989. His responsibilities have included pricing, hedging, loan delivery, loan sales, and new product design.
Tozer has also served as chairman of the Mortgage Bankers Association (MBA) of America Secondary and Capital Markets committee from 2002 to 2004.