Obama Nominates National City SVP for Ginnie Mae President
President Obama nominated a former National City Mortgage senior vice president to head the Government National Mortgage Association, commonly known as Ginnie Mae. Theodore “Ted” Tozer began serving as senior vice president at National City Mortgage in 1989. The company is now a subsidiary of PNC Financial Services Group. In that role, Tozer’s been responsible for pricing, hedging, loan delivery, loan sales, and new product design. He’s also served in various roles at BancOhio Mortage Company and BancOhio National Bank. In announcing Tozer and two other nominations, Obama said, “It gives me great confidence that such dedicated and skilled individuals have decided to join my administration as we work to address the many challenges American families are facing. I look forward to working with them in the coming months and years.” Ginnie Mae guarantees principal and interest payments to investors of mortgage-backed securities (MBS) comprised of government-backed loan products, specifically mortgages backed by the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), the Department of Agriculture's Rural Housing Service (RHS) and the Department of Housing and Urban Development's (HUD) Office of Public and Indian Housing (PIH). This isn’t Tozer’s first involvement with Ginnie Mae. He worked with the entity in developing the Ginnie Mae II MBS program in the early 1980s. Ginnie Mae II allows small issuers who do not meet the dollar requirements of the Ginnie Mae I MBS program to participate in the secondary mortgage market and permits the securitization of adjustable-rate mortgages (ARMs). Tozer chaired the Mortgage Bankers Association’s (MBA) secondary and capital markets committee from 2002 to 2004 and served on the group’s residential board of governors. Tozer served on the Ohio Mortgage Bankers Association board of directors from 1999 to 2001. He holds a bachelor’s degree in accounting and finance from Indiana University. MBA president and CEO John Courson praised the nomination and called on the Senate to approve Obama’s nomination. “Ted Tozer is a brilliant choice to lead Ginnie Mae through the current turmoil in the housing and secondary mortgage markets,” Courson said in a prepared statement. “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.” According to a campaign finance reporting Web site, Tozer donated $2,250 to the Obama for America general election campaign in 2008. In 2000, the site also reported Tozer donated $1,000 to Sen. John McCain’s presidential primary campaign. Write to Austin Kilgore.