President Barack Obama’s nominee to head the Government National Mortgage Association has been sworn in.
Theodore W. Tozer was sworn in yesterday as Ginnie Mae’s president, a news release from the U.S. Department of Housing and Urban Development indicated.
In December, Obama disclosed his intention to nominate Tozer for the top spot at the government-owned company. He was confirmed by the U.S. Senate on Feb. 11.
Tozer, who has 30 years’ experience in the mortgage capital markets, was previously senior vice president of capital markets at National City Mortgage. The Ohio-based lender’s parent was acquired by PNC Financial Services Group a year ago.
Before that he held jobs at BancOhio Mortgage Co. and BancOhio National Bank.
“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 U.S. Treasury,” he said in the statement.
Tozer has been at National City since 1989. His LinkedIn biography said he handled pricing mortgage products, loan sale settlements and the sale of loans to capital market participants at National City. He also has managed the relationship with capital markets mortgage investors and managed the interest rate risk on unsold mortgages.
Tozer attended Indiana University’s Kelley School of Business from 1975 to 1979.
“Ted brings the experience to help Ginnie Mae continue playing that important role while also helping it to eliminate additional risk,” HUD Secretary Shaun Donovan said in the statement
Tozer replaces Bush administration appointee Joseph Murin, who stepped down last year.
