President and CEO of the Mortgage Bankers Association (MBA) John Courson strongly endorsed President Obama's announcement of his intention to nominate Theodore W. Tozer as Ginnie Mae president, calling on the Senate to quickly take up and approve the nomination.

Tozer is senior vice president of capital markets for National City Mortgage, which is part of the PNC Financial Services Group.

"Ted Tozer is a brilliant choice to lead Ginnie Mae through the current turmoil in the housing and secondary mortgage markets. As Ginnie Mae's role in the market has increased as a result of the tremendous growth of FHA, I can't think of anyone better suited to run Ginnie Mae, " Courson said in a statement released today.

He noted that Tozer has been an active member of MBA for over two decades. His positions included being chairman of the MBA's residential secondary and capital markets committee.

"Ted has unparalleled experience and expertise in the unique nature of the secondary mortgage market that will serve the American people well in his new position," Courson added. "We look forward to continuing our close working relationship with Ted and hope that the Senate will move quickly to approve his nomination."

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