MORTGAGE EXPERT, DETROIT, BIRMINGHAM, BLOOMFIELD, ROCHESTER, ROYAL OAK, TROY, MICHIGAN
Troy, MI - Bloomberg reported late last week that Joseph Murin was stepping down after only 13 months on the job.
GNMA (Government National Mortgage Association) mainly securitizes FHA and VA mortgages and has seen its business almost double in the last 2 years.
Why would an executive walk away from a business seeing such explosive growth?
FHA loans have only become popular because so many other mortgage options have dried up. The low credit score & down payment requirements for FHA loans have many mortgage experts predicting significant future defaults.
David Moffet resigned as FHLMC CEO this past March and Herb Allison recently left FNMA.
Makes on wonder why all these executives are leaving these mortgage related organizations.
It does not bode well for the future of these organizations. More trouble is coming, which means more governmment bailouts.