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Volume 2012 - Number 45

November 21, 2012

HUD OIG-Sponsored Audit Finds Ginnie Mae Finances in Good Shape, Lingering TBW Fallout

Ginnie Mae is in sound financial health and poised to potentially absorb any FHA losses, if required, but the enduring fallout from Taylor, Bean & Whitaker’s collapse three years ago continues to plague the agency, according to an independent audit commissioned by the Department of Housing and Urban Development Inspector General. The report by CliftonLarsonAllen disclosed no material weaknesses in Ginnie’s internal controls over financial reporting and no instance of legal or regulatory noncompliance during fiscal years 2012 and 2011. Ginnie’s loss reserves for its MBS program declined to $357.4 million in fiscal 2012, from $395.8 million at the end of fiscal 2011. “Ginnie Mae believes...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.



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