October 7, 2004
GINNIE MAE NAMES MICHAEL FRENZ ITS NEW EXECUTIVE VICE PRESIDENT AND COO
WASHINGTON - Ginnie Mae today announced Michael J. Frenz is its new executive vice president and COO. Frenz assumes this new role after serving two years as Ginnie Mae's vice president of capital markets.
Prior to coming to Ginnie Mae, Frenz was assigned to HUD's Utah field office where he worked on housing-related issues with the Salt Lake City Organizing Committee for the 2002 Olympic Winter Games. Before joining HUD, Frenz lived in Syracuse, N.Y., where he was a portfolio manager for Pioneer Development Co., a real estate developer, and vice president for investments at OnBank & Trust Co.
Under Frenz's leadership, the Capital Markets division of Ginnie Mae developed new products and significantly improved its performance. Frenz intends to bring that same dynamic leadership to the whole organization. "I am excited about this new opportunity and I hope to help this dynamic organization capitalize on the growing opportunities in the mortgage-backed security arena," said Frenz.
Frenz replaces Ginnie Mae EVP, George Anderson. Anderson will become the Senior Advisor to the President, providing technical assistance on developing primary and secondary mortgage markets in emerging economies.
Frenz holds a master's degree in business administration from Syracuse University and a bachelor's degree in political science from Yale University. He also has earned the Chartered Financial Analyst designation. He lives with his wife and three children in the Washington area.
The Government National Mortgage Association, known as Ginnie Mae, is a wholly owned federal corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the mortgage-backed security (MBS), issuing the very first one in 1970. A mortgage-backed security enables a mortgage lender to aggregate and sell mortgage loans as a security to investors. Our securities are the only MBS to carry the full faith and credit guaranty of the United States government, which means that, even in difficult times an investment in Ginnie Mae is one of the safest an investor can make.