A mortgage industry executive with ties to a firm penalized in a U.S. predatory lending crackdown is being considered by the Trump administration to run Ginnie Mae, a government corporation that backs $2 trillion in home-loan securities, according to people familiar with the matter.
Joseph Murin, who previously headed Ginnie Mae for about 13 months under Presidents Barack Obama and George W. Bush, is among candidates the White House is looking at to fill the post, said the people, who requested anonymity because the discussions haven't been made public. Others have been considered for the job leading the mortgage guarantor and it's not clear when a decision will be announced, the people said.
Murin, 70, is currently chairman emeritus of NewDay USA, one of the firms Ginnie Mae restricted last year from bonds backing Department of Veterans Affairs loans amid concerns over
The sanctions against New Day have since been lifted.
NewDay, in a statement issued to Bloomberg, said it never engaged in loan churning, and that Ginnie’s concerns have been addressed and fixed.
“To be clear, NewDay USA has never been accused of predatory lending,” NewDay Executive Chairman Rear Admiral Thomas C. Lynch said in the statement. “We do not repeatedly refinance borrowers. Some veterans were refinanced once to lower their rate, and no lender fees were charged for them to do so. We’ve never harmed any veteran nor churned loans, and never will.”
The temporary suspensions of NewDay and others followed a probe in which Ginnie Mae said it found the companies had been
Murin didn't immediately respond to multiple attempts to reach him by phone, email and through his LinkedIn account. The White House and NewDay declined to comment.
Ginnie Mae has been run on an interim basis since January by Maren Kasper, a former Housing and Urban Development official who has also spent time in the private sector.