Ex-Ginnie Mae president to join PennyMac board

Industry veteran was responsible for $1.8 trillion in guarantees of mortgage-backed securities

Ex-Ginnie Mae president to join PennyMac board
by Francis Monfort

The former president of the Government National Mortgage Association (Ginnie Mae) will join PennyMac’s board of directors starting Aug. 1, the financial services firm announced on Wednesday.

Theodore Tozer left his post at Ginnie Mae early in 2017, after serving as president for seven years. At Ginnie Mae, Tozer was responsible for $1.8 trillion in guarantees of mortgage-backed securities. The association falls under the Department of Housing and Urban Development, and is responsible for creating a secondary market for residential mortgages to support U.S. housing programs.

“Ted [Tozier] is a veteran of the mortgage banking industry who brings a wealth of experience and a deep understanding of all aspects of housing finance in America. On behalf of my fellow directors, I enthusiastically welcome his arrival,” said PennyMac Financial Services Executive Chairman Stanford L. Kurland.

Before his stint at Ginnie Mae, Tozer worked for more than 30 years in the financial services industry. He was a capital markets senior vice president at National City Mortgage Company, a member of Fannie Mae and Freddie Mac National Lender Advisory Boards, and a Capital Markets Committee chairman for the Mortgage Bankers Association of America. Tozer is a certified public accountant and a certified management accountant. He obtained a degree in accounting and finance from Indiana University.

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