Surge in FHA Production Raises Concerns About Integrity of Ginnie Mae MBS
June 26, 2009
Federal auditors are increasingly concerned about the impact of the FHA land rush – the rising volume of FHA mortgage originations and the immigration of hundreds of new lenders – on the Ginnie Mae mortgage-securities program. Ginnie MBS issuance has surged to new levels in 2009, hitting a monthly production record of $34.14 billion back in March – only to set new...