FHA & Ginnie Mae

Browse articles from all of our Newsletters related to FHA & Ginnie Mae.

January 19, 2017 - IMFnews

Nonbanks Increased Agency Servicing by Almost 22 Percent in 2016

Nonbank servicers have a particularly big footprint in the Ginnie market, accounting for 53.6 percent of servicing outstanding at Dec. 31…


January 18, 2017 - IMFnews

Trump May Ice the FHA MIP Cut, At Least for Now

One industry source noted: “On January 20, President Trump will be issuing an executive order that freezes all past actions over a certain period of time. The FHA premium reduction gets swept into this.”


January 17, 2017 - IMFnews

Servicing Auctions Begin to Heat Up; New Packages from IMA, Phoenix

The lenders selling the MSRs are both nonbanks…


January 12, 2017 - IMFnews

Short Takes: HUD Nominee Carson Says he will ‘Review ‘the MIP Cut / Why Banks Avoid the FHA Program / HUD’s Budget: $45 Billion / Investor Cuts Stake in Annaly / CPR&T Downgrades Ocwen

CPR&T predicted that the asset value of Ocwen’s mortgage servicing portfolio likely won’t benefit much from the recent spike in interest rates…


January 12, 2017 - IMFnews

An Unintended Consequence of the FHA MIP Cut: A Damper on Ginnie MSR Sales?

Buyers and sellers are waiting to see if the 75 basis point increase in rates will stick around or turn out to be a fluke and then reverse course...


January 10, 2017 - IMFnews

The Final Tally: Ginnie Mae MBS Issuance Hit a Record High in 2016; VA Soared

FHA collateral still accounted for over half of Ginnie issuance, but the 2016 total was up a more subdued 8.2 percent from the previous year…


January 9, 2017 - IMFnews

Short Takes: FHA Premium Cut Has Negative Impact on MI Stocks / Carson Should Expect a Lot of Questions on the MIP / Of Mortgages and Brains / FHLBs Get More Flexibility on Collateral

Mortgage insurance stocks aren't have a good day. Blame the FHA MIP cut?


January 9, 2017 - IMFnews

Carson’s Inexperience Could be Front and Center at HUD Confirmation Hearing

One big positive for lenders: the mortgage industry could see a reduction in new rule-making from HUD and perhaps a reversal of certain regulations promulgated during the Obama administration.


January 9, 2017 - IMFnews

HUD Trims FHA MIP by 25 BPs. But Can (and Will) Trump Block It?

Why the change of heart? For most of last year, HUD and FHA officials nixed the idea of cutting the premium…


January 9, 2017 - IMFnews

Tozer on Ginnie Mae MBS Demand: ‘I Wish I Could Make More’ [Securities]

Presently, Japan is the volume leader in Ginnie ownership at roughly $204 billion…


January 6, 2017 - IMFnews

HUD Makes It Official: Annual MIP Will be Cut by 25 BP on Jan. 27

The change – whose likelihood was first reported by Inside Mortgage Finance last Thursday – affects new loans with a closing/disbursement date of Jan. 27, 2017.


January 6, 2017 - Inside FHA/VA Lending

Around the Industry

VA Extends Making Home Affordable Program. The Department of Veterans Affairs has extended the Making Home Affordable program to Oct. 1, 2017. The program was set to expire on Jan. 1, 2017. USDA Approves NewFed Mortgage to originate Section 52 Guaranteed Rural Housing Loans. The U.S. Department of Agriculture has approved NewFed Mortgage Corp., a multi-state residential mortgage lender, to originate USDA loans. Based in Danvers, MA, retailer NewFed offers FHA, VA, USDA, conventional and jumbo mortgage products. Reviews Genworth Financial’s Proposed Sale to Chinese Conglomerate. Fannie Mae has approved Arch Capital’s acquisition of ...


January 6, 2017 - Inside FHA/VA Lending

Michigan Lender Agrees to Pay $48 Million to Resolve FCA Claims

United Shore Financial Services of Troy, MI, has agreed to pay $48 million to resolve allegations of FHA-related fraud, adding to the more than $7 billion in settlements and judgments the Department of Justice has collected since 2009. United Shore, parent company of United Wholesale Mortgage and Shore Mortgage, was accused of improperly originating mortgages and falsely certifying compliance with FHA requirements. Originated between Jan. 1, 2006, and Dec. 31, 2011, the loans eventually turned bad, resulting in significant losses to the FHA insurance fund. The complaint did not specify the number and total amount of the bad loans United Shore originated or the size of FHA’s losses on those loans. United Shore was charged with violation of the False Claims Act, becoming the latest financial institution to join a growing list of FHA lenders that have opted to settle, rather than litigate, ...


January 6, 2017 - Inside FHA/VA Lending

Rumored Nominees for HUD, FHA Jobs Dwindle, VA Sees Longer List

With industry and lawmakers focused on the confirmation hearing next week of President-elect Donald Trump’s nominee to head the Department of Housing and Urban Development, speculation as to who might become Dr. Ben Carson’s top deputy and FHA commissioner has apparently eased. After weeks of speculation, the list for HUD deputy secretary is down to three rumored contenders: Brian Montgomery, former assistant secretary and FHA commissioner; Pam Patenaude, president of the J. Ronald Terwilliger Foundation for Housing America’s Families; and Rick Lazio, a former congressman from New York and a housing finance attorney. Like Montgomery, Patenaude has experience at HUD, serving as assistant deputy secretary for field policy and management. She has extensive experience in housing as an executive vice president at Urban Land Institute and director of housing policy with the ...


January 6, 2017 - Inside FHA/VA Lending

Carson’s Inexperience Front and Center in Confirmation Hearing

The lack of experience in housing and mortgage financing matters could become a sticking point with Dr. Ben Carson, President-elect Donald Trump’s nominee for Housing and Urban Development secretary, during his Senate confirmation hearing on Jan. 12, according to stakeholders. “Democrats, in particular, will want to know his credentials and positions on various housing and enforcement issues,” said an industry observer. “There is doubt whether Carson can address such questions positively and specifically. ‘Living for a while in public housing’ is not a qualification to run HUD or oversee FHA for that matter.” However, Trump’s selection of Carson and other conservatives for cabinet positions signals his intent to govern from the right – a complete reversal from the eight years under President Obama. Notwithstanding his lack of housing expertise, Carson is on the path to promote and ...


January 6, 2017 - Inside FHA/VA Lending

Share of FHA Loans with Initially Material Defects Rises in 3Q16

The initial material defect rate for FHA-insured loans targeted for a quarterly post-endorsement review increased to 53 percent in the third quarter from 50 percent in the previous quarter, according to test results. Published in the FHA’s quarterly Lender Insight, the results were from post-endorsement technical reviews conducted between July 1, 2016, and Sept. 30, 2016, on 5,973 FHA loans. The initial material defect rate appears to be trending upward since June 2016, when it had stayed flat at 47 percent over the previous eight quarters. The latest loan sample was comprised of 75 percent purchase loans, 10 percent streamline refinances, 7 percent rate-and-term refis, and 8 percent Home Equity Conversion Mortgage loans. Of the targeted loans, 23 percent met FHA requirements but an equal percentage were found to be “deficient,” while 12 percent were deemed “unacceptable” due to ...


January 6, 2017 - Inside FHA/VA Lending

FHA to Implement Methodology for Finding, Classifying Loan Defects

The FHA this year will focus mainly on the completion and implementation of the Defect Taxonomy to help lenders easily identify and categorize loan defects found in FHA-insured loans. At least that was the plan announced by the outgoing Obama administration. The agency urged lenders to be on the lookout for detailed information about Defect Taxonomy and other process improvements in the coming months. “As we begin to implement these changes and transition from current processes, some lenders may experience a temporary decrease in loans selected for review,” the FHA noted in Lender Insight, which updates lenders on the latest rulemakings and policy changes. Announced in June last year, Defect Taxonomy is part of the Blueprint for Access, which embodies three core concepts: identifying a defect, capturing the sources and causes of a defect, and assessing the ...


January 6, 2017 - Inside FHA/VA Lending

FHA Expected to Announce 25 bps MIP Reduction, Industry Thrilled

Industry stakeholders are anticipating an FHA insurance premium reduction soon from the Department of Housing and Urban Development. Sources say a 25-basis-point premium reduction is in the works and HUD Secretary Julian Castro may announce it during his farewell address. His last day in office is Jan. 20, President-elect Donald Trump’s inauguration day. A HUD representative declined to comment on the report citing department policy against “commenting on rumors.” A number of lobbyists and consultants said they have heard similar reports but cautioned it is not a done deal. Two industry executives expressed certainty about the veracity of the report. The idea of a premium cut has been raised with neurosurgeon Dr. Ben Carson, Trump’s nominee for HUD secretary, who will have his Senate confirmation hearing on Jan. 12. A mortgage insurance premium reduction at this time would ...


January 6, 2017 - Inside FHA/VA Lending

Ginnie MBS Program Set New Records in 2016, VA Soared

Ginnie Mae guaranteed a total of $507.46 billion of single-family mortgage-backed securities in 2016, its biggest annual volume ever, according to a new analysis and ranking by Inside FHA/VA Lending. That was up 16.4 percent from the agency’s previous record of $435.80 billion set in 2015. (Those figures include MBS backed by FHA home-equity conversion mortgages, which are not included in the table below or in the rankings on pages 3-5.) In 2016, Ginnie guaranteed $497.03 billion of MBS backed by traditional forward mortgages, also a record, which was up 16.9 percent from the previous year. The biggest factor in last year’s record-setting production was the boom in VA lending, particularly VA refinance loans. Issuers securitized a record $203.03 billion of VA loans last year, up 33.0 percent from the 2015 total. Some 54.3 percent of those loans were refinance transactions. Total VA refi loan ... [4 charts]


January 5, 2017 - IMFnews

A Cut in FHA Premiums Has Been Pitched to HUD Nominee Carson. Will He Bite?

President-elect Donald Trump wants to improve access to credit. A cut in FHA premiums would presumably help...


January 4, 2017 - IMFnews

HECM Volume Down 10.5 Percent YoY; HECM MMIF Value at Negative $7.7 Billion

Through the first nine months of 2016 the HECM volume leaders were American Advisors Group, One Reverse Mortgage and Reverse Mortgage Funding.


January 3, 2017 - IMFnews

New HUD Rules: Housing Counselor Certification a Must

The agency said 108,875 homeowners avoided foreclosure after seeking assistance from a HUD housing counselor.


December 30, 2016 - IMFnews

What We’re Hearing: 10 Mortgage Firms to Keep an Eye on in 2017 – and Why

But if you think that Wells Fargo will pull a “BofA” and quietly downshift its presence in mortgages, think again.


December 30, 2016 - IMFnews

FHA ‘Rehab’ Loan Volume at $2.4 Billion and Counting

In the third quarter, the top FHA rehab were Prospect Mortgage, Movement Mortgage and Wells Fargo.


December 29, 2016 - IMFnews

Short Takes: A Host of Approvals Needed on PHH Deal / A $10 Million Termination Fee / Sell and Subservice / And the Ginnies Go To… / New Hire for Gateway Mortgage

New Residential is entitled to a $10 million termination fee if the sale falls apart...


December 29, 2016 - IMFnews

On the Rise: FHA Loan ‘Defects’

The leading cause of adverse findings was incomplete or missing loan documents...


December 29, 2016 - IMFnews

Parent of Nation’s Largest Wholesaler Settles FHA Claims for $48 Million

DOJ notes that although the lender’s internal quality control reviews “showed severe problems with FHA insured mortgages, USFS routinely failed to provide any meaningful information to senior management…”


December 28, 2016 - IMFnews

The Largest MSR Deal in Years: PHH Agrees to Sell $72 Billion of Bulk Product to REIT ‘New Rez’

PHH said it will subservice the loans for New Residential "for an initial period of three years, subject to certain termination provisions."


December 22, 2016 - IMFnews

Short Takes: Another Nonprime Lender Gets Rated / MorVest Wraps Up GSE MSR Auction / PennyMac’s Financing Deal / A Bright Idea and Others / BB&T Names New Prez / A Short Publishing Break for IMFnews

Another non-agency lender has received a rating from Fitch: Angel Oak Home Loans...


December 22, 2016 - IMFnews

‘Corker-Warner’ Co-Author Michael Bright, A Candidate for the Ginnie Mae Job?

This summer, Bright co-authored a GSE white paper with former Federal Housing Finance Agency Director Ed DeMarco…


December 20, 2016 - IMFnews

Ginnie Mae President Ted Tozer Set to Leave Jan. 20, but Would Like to Remain as a Consultant (For a While)

Since the election, Tozer has met with the Trump Department of Housing and Urban Development “landing team” once, for a 90 minute meeting that included Shawn Krause…


December 19, 2016 - IMFnews

Fear and Loathing for FHA, VA Stakeholders?

The big question is whether FHA, given the much-improved health of the Mutual Mortgage Insurance Fund, will move to lower premiums again…


December 16, 2016 - Inside FHA/VA Lending

Around the Industry

Corrections to 2017 Nationwide Forward Mortgage Limits. The FHA found some errors in the previously announced 2017 nationwide loan limits for forward loans. The error in Mortgagee Letter 2016-20 pertains to an incorrect limit ceiling for Alaska, Hawaii, Guam? and the U.S. Virgin islands, which are identified as “special exception areas” due to higher construction costs in these areas. FHA will issue another mortgagee letter announcing the correction in special exemption areas in the future. The agency further noted corrections to the List of Increased Loan Limits CY16 to CY17 chart, which has been updated to reflect the correct loan limits for 2017. FHA is urging lenders to discard any previous versions. Requirements for Notification, Evaluation and Reduction of Lead-Based Paint Hazards in VA Properties. The Department of Veterans Affairs has updated guidance governing lead-based paint and/or hazards caused by lead-based paint in federally-owned housing under private management. The guidance updates and implements changes that have occurred since the rescission of the last guidance in 2004. Use of E-Signatures in VA-Guaranteed Home Loans Extended for Two More Years. The VA has extended the use of electronic signatures in ...


December 16, 2016 - Inside FHA/VA Lending

Housing Counseling Certification, Assumption Fee Rules Issued

Housing counselors participating in the Department of Housing and Urban Development’s various programs must be certified to offer counseling services to consumers, according to a final rule issued this week by the agency. In order to become certified, housing counselors must pass a standardized written examination and work for a HUD-approved housing counseling agency (HCA). Applicants must demonstrate proficiency in six areas of housing counseling: financial management, property maintenance, responsibilities of homeownership and tenancy, fair housing laws and requirements, housing affordability, and avoidance of mortgage delinquency, eviction and default. Despite its recent release, the final rule will take full effect three years following the announcement of the certification exam. HUD will offer intensive training and study resources in English and Spanish to ...


December 16, 2016 - Inside FHA/VA Lending

Subordinates’ Expertise Will Make Up for Carson’s Lack of Experience

The nomination of Dr. Ben Carson to head the Department of Housing and Urban Development has garnered mixed responses from stakeholders, making the choice of key subordinates more crucial to a successful tenure. Stakeholders are willing to give Carson, a pediatric neurosurgeon, a chance despite his inexperience in civil service and in running a federal agency. They say, however, that Carson’s success as President-elect Donald Trump’s housing chief will likely depend on the people who are going to be named as his assistant secretary for housing, FHA commissioner, and Ginnie Mae president. “The key positions need to be filled by people with deep industry experience and understanding of the primary and secondary mortgage markets and housing overall,” said an industry observer. So far, only Carson has been named for an executive position at HUD. The positions of ...


December 16, 2016 - Inside FHA/VA Lending

FL Court Finds HUD’s Face-to-Face Requirement a Vital Pre-Condition

A recent ruling by Florida’s Fifth Court of Appeal, if finalized, will affect any FHA foreclosure case that references the Department of Housing and Urban Development’s mandatory face-to-face interview with borrowers, according to industry attorneys. In Palma v. JPMorgan Chase Bank, Nat’l Ass’n, et al., the state appellate court found that HUD’s face-to-face interview requirement is “a condition precedent to foreclosure” for Florida mortgages that specifically incorporate the HUD regulation. Prior to the decision, no Florida appellate court has held that HUD’s requirement constitutes a condition precedent to foreclosure, according to attorneys with the Richmond, VA, law firm McGuireWoods. “Although this decision is not yet final and rehearing is likely, it has far-reaching impacts on the conditions and evidence required for foreclosure trials throughout Florida and is the ...


December 16, 2016 - Inside FHA/VA Lending

CFPB Slaps HECM Lenders with Combined Fines for Deceptive Ads

The Consumer Financial Protection Bureau has fined three reverse-mortgage lenders $790,000 in combined civil penalties to resolve charges of deceptive advertising to consumers. The bureau also ordered American Advisors Group (AAG), Reverse Mortgage Solutions (RMS) and Aegean Financial to stop the misleading ads and to implement compliance plans that include an advertising compliance policy. The misleading ads allegedly violate the federal Mortgage Acts and Practices – Advertising Rule (Regulation N) and the Dodd-Frank Act. AAG is the largest originator of FHA-insured reverse mortgages in 2016, with a 13.9 percent share of the HECM market. RMS third with a 4.11percent share, while Aegean, in 27th place, accounts for 0.48 percent. The three lenders allegedly ran ads that similarly misrepresented that a consumer with a reverse mortgage could not lose the ...


December 16, 2016 - Inside FHA/VA Lending

Growth in VA Lending Not a Reason To Toughen Nonbank Regulation

The VA share of the government-insured market has increased substantially in 2016 as more veterans obtained VA loans, mostly through nonbank lenders. With the growth in VA business, however, comes increased risk exposure to thinly regulated nonbanks, which prompted Washington, DC-based think tank The Urban Institute to call for enhanced nonbank regulation. Given the thin capital and liquidity requirements under which nonbanks operate, it is important to address this risk, writes UI research associate Karan Kaul in an analysis. Unlike the FHA, which insures mortgages up to 100 percent of the loan amount, the VA only guarantees 25 percent of the loan amount, Kaul noted. If a loan defaults, the lender takes the hit on the remaining 75 percent of the loan balance, he added. “If the lender cannot fulfill [its] financial obligations, the VA – hence, taxpayers – pick up the ...


December 16, 2016 - Inside FHA/VA Lending

USDA Originations Surge in 3Q16, Chase Home Top USDA Issuer

The flow of rural housing loans into Ginnie Mae securities saw a significant spike in the third quarter of 2016, thanks to increased market activity. Approximately $13.7 billion in USDA loans were delivered into Ginnie Mae single-family pools over a nine-month period, punctuated by a 32.1 percent surge in volume in the third quarter. Production was up a mere 1.2 percent year over year. Top USDA issuer Chase Home Finance accounted for $3.4 billion of securitized rural housing loans while in distant second place, PennyMac closed the quarter with $1.4 billion. Wells Fargo ($951.3 million), Freedom Mortgage ($876.6 million), and Pacific Union ($394.4 million), in sequential order, comprised the rest of the top five USDA issuers. Freedom Mortgage saw its volume increase tenfold both on a quarter-to-quarter and year-over-year ... [Chart]


December 16, 2016 - Inside FHA/VA Lending

HECM Originations Rise Slightly in 3Q but Nine-Month Volume is Down

FHA reverse mortgage lenders capped the third quarter of 2016 with a 2.2 percent volume increase over the previous quarter, ending the first nine months with $11.0 billion in new Home Equity Conversion Mortgage loans. The year-over-year story, however, was different, as nine-month originations fell 10.5 percent from the same period last year. Purchase HECMs comprised the bulk of originations, 86.3 percent. Unlike in FY 2015, when the Mutual Mortgage Insurance Fund’s healthy HECM portfolio helped pushed the capital reserve ratio above the statutory 2.0 percent requirement, the portfolio appeared to be in bad shape in FY 2016. The fiscal 2016 actuarial audit of the MMIF projected a negative $7.7 billion economic value for the HECM program, dramatically down from last year’s estimated $6.8 billion. Auditors attributed the decline to adverse effects of “incorporating deeper ... [Chart]


December 16, 2016 - Inside FHA/VA Lending

Billion-Dollar Weather, Climate Disasters Boost Rehab Lending

The FHA’s 203(k) Property, Repair and Rehabilitation program saw a significant increase in activity in the third quarter of 2016, both relative to the previous quarter and from the same period a year ago. Origination of FHA-insured fixer-upper loans jumped 16.2 percent from the previous quarter, bringing the nine-month production total to $2.4 billion. On a year-over-year basis, volume rose 6.9 percent. The top five FHA 203(k) lenders saw a 52.5 percent increase in originations in the third quarter, totaling $202.1 million. Year-over-year, production by the same group was off by 13.1 percent. Purchase loans accounted for $2.2 billion of 203(k) mortgages originated by lenders over the nine-month period while refinance rehab loans accounted for $237.9 million. Billion-dollar weather and climate disasters may have contributed to the surge in 203(k) business. As of September 2016, 12 weather and ... [Chart]


December 16, 2016 - Inside FHA/VA Lending

Pre-Endorsement Review Period Shifts from Pre- to Post-Closing

FHA will no longer perform pre-closing reviews of loans prior to endorsement, according to an agency notice published in the Federal Register this week. Rather, a lender applying for direct endorsement (DE) authority will be required to submit loan files for FHA’s pre-endorsement review only after closing. After determining the mortgage’s eligibility, FHA will notify the lender of the loan’s endorsement. Although the notice’s effective date is Jan. 13, 2017, lenders will be required to submit only closed mortgages for pre-endorsement review on or after April 1, 2017. FHA said it is providing a four-month grace period so that applicants for DE authority will have sufficient time to prepare for the switch. The agency is currently adjusting its systems to accommodate the change. Lenders will be updated periodically about these modifications prior to April 1. Lenders that enter the ...


December 16, 2016 - Inside FHA/VA Lending

Good or Bad? Uncertain Times Ahead for FHA, VA Stakeholders

The government-backed lending market is heading into a year of uncertainty, not knowing whether things will get better or worse under a Trump administration, according to stakeholders. The recent increase in the loan limits for FHA and VA mortgages is expected to have marginal to moderate results for originations, given the tight housing market and rising interest rates, stakeholders noted. Some lenders predict that the benefits of the loan limit increases for FHA and VA will be incremental, particularly in high-cost markets where it is difficult for borrowers to obtain Fannie Mae and Freddie Mac loans. Overall, the Mortgage Bankers Association forecasts a decline in total mortgage originations in 2017, driven by a sharp drop in refinances. However, Michael Fratantoni, MBA senior vice president and chief economist, is predicting 10 percent growth in purchase volume next year, the ...


December 16, 2016 - IMFnews

FHA Shifts Direct Endorsement Review from Pre-Closing to Post-Closing

A lender applying for direct endorsement authority will be required to submit loan files for FHA’s pre-endorsement review only after closing.


December 16, 2016 - IMFnews

And the Beat Goes On: Nonbanks Keep Taking MSR Share from Depositories

Commercial banks reduced their securitized servicing by 1.9 percent during the third quarter, though they still accounted for 52.5 percent of that market.


December 14, 2016 - IMFnews

Short Takes: More FHA Commissioner Candidates? / Others… / GSE ‘Chattel’ Lending, A Work in Progress / Mortgage Complaints Drop / Closing Corp. Hires Former Black Knight Official

At least four names have surfaced for the FHA job in the Trump administration...


December 13, 2016 - IMFnews

Short Takes: Ginnie Mae Finally Releases ‘New and Improved’ Acknowledgement Agreement / Why the AA is So Important / GSEs Issue Holiday Moratorium on Evictions / MIAC Hires Industry Vet Mike Bugbee

Financiers hope the new AA will increase liquidity for nonbanks that play in the Ginnie market…


December 13, 2016 - IMFnews

Candidates for FHA Commissioner: Homebuilder Ed Brady and HFSC GC Clinton Jones

The FHA commissioner in the Trump White House will have final say on the key issue of adjusting FHA premiums and loan sizes, and likely would have input on GSE reform.


December 12, 2016 - IMFnews

Short Takes: The 10-Year Gets Ugly / Losing Refi Customers / Maybe Mortgage Bankers Should Revisit Their Volume Estimates for 2017 / Angelo Mozilo, a Good Pick for HUD Secretary? / FGMC Hires Former BofA Executive

JPMorgan Chase readies its fifth jumbo MBS deal of the year...


December 9, 2016 - IMFnews

What We’re Hearing: Time to Merge HUD and the FHFA? / Short Covering Behind GSE Stock Spike? / The Quandary Over GSE CRT Deals / 387 Days Before Fannie and Freddie Run Out of Capital / New Hires for Tech Vendor

In case you’re not keeping tally, there are roughly 387 calendar days remaining before the “capital buffer” at Fannie and Freddie falls to zero on Jan. 1, 2018.


Poll

HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

vote to see results