Declining interest-rate environments have increased the incentives for Ginnie Mae servicers to buy certain delinquent mortgages out of their pools and re-sell them, which has spurred the issuance of reperforming FHA/VA deals in 2002. Moody’s Investors Service says that the credit quality of reperforming FHA/VA mortgages is close to that of poorer-grade subprime home loans, but the securitizations generally get credit enhancement levels as thin