Theodore (Ted) Tozer is a non-resident fellow at the Urban Institute’s Housing Finance Policy Center (HFPC).  Immediately prior to joining HFPC, he was a senior fellow at the Milken Institute’s Center for Financial Markets. Previously, Tozer served as the president of Ginnie Mae for seven years, bringing with him to the institution more than 30 years of experience in the mortgage, banking, and securities industries. As president of Ginnie Mae, Tozer actively managed Ginnie Mae’s nearly $1.7 trillion guarantees of mortgage-backed securities (MBS) and more than $460 billion in annual issuance. During his time at Ginnie Mae Ted led the modernization effort of the Ginnie Mae Securitization Platform.  Ted oversaw the transition for a depository-dominated issuer base to an independent mortgage banker dominated base.  He was the Obama Administration point person for the rewriting of the HARP program. Tozer also oversaw the transitioning away from the Ginnie Mae I program to the Ginnie Mae II program.  Before joining Ginnie Mae, Tozer served as senior vice president of capital markets at the National City Mortgage Company (NCM) for more than 25 years, overseeing pipeline hedging, pricing, loan sales, loan delivery, and credit guideline exceptions. He was instrumental in transforming NCM from an “originate and hold” lender to an “originate and sell” lender.  Ted also serves on the Board of Directors of PennyMac Financial Services, a mortgage originator. He holds a bachelor’s degree in accounting and finance from Indiana University.