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Saturday, Sep 23, 2023

Former Ginnie Mae Exec Joins PennyMac Board

Theodore W. Tozer, the former president of the Government National Mortgage Association or Ginnie Mae, will join the board of PennyMac Financial Services Inc., the company announced Wednesday. Tozer served as Ginnie Mae’s president for seven years before leaving earlier this year. Ginnie Mae manages the secondary market for residential mortgages. At Ginnie Mae, Tozer managed $1.8 trillion in guarantees of mortgage-backed securities. He will begin his board service at PennyMac, a Westlake Village mortgage company, effective Aug. 1. “Ted 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,” PennyMac Executive Chairman Stanford L. Kurland said in a statement. “On behalf of my fellow directors, I enthusiastically welcome his arrival.” Shares of PennyMac (PFSI) closed Thursday up 15 cents, or nearly 1 percent, to $17.85 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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