A district court judge threw out parts of a lawsuit against Ginnie Mae for canceling Texas Capital Bank’s first-priority lien on a loan portfolio of Reverse Mortgage Funding but allowed a key challenge to go ahead.
Ginnie Mae is evaluating a new security backed by FHA home equity conversion loans that have reached balances above 98% of their maximum claim amounts.
Ginnie Mae is exploring a new reverse MBS to provide a new form of liquidity to issuers with home equity conversion mortgages above the 98% maximum claim amount.
The federal government last week filed a motion to dismiss a lawsuit by Texas Capital Bank against Ginnie Mae for eliminating TCB’s interest in the home equity conversion mortgages of bankrupt Reverse Mortgage Funding.
Industry participants support FHA’s plans to update policy on acceptable monetary investment funding sources and interested-party contributions for its home equity conversion mortgage for purchase program.
Both assets and liabilities at Ginnie Mae jumped when the agency took over HECMs from the failed Reverse Mortgage Funding. Still, Ginnie extended a streak of increasing cash on hand.