When Ginnie released its new capital eligibility standards this past summer, nonbanks far and wide were not happy. The agency later extended the implementation deadline until late 2024, but some shops are pondering their options. Ocwen is one of them.
Ginnie Mae believes the year-plus implementation period should give potentially affected issuers enough time to plan and execute strategies for coming into compliance its new risk-based capital requirements.
While credit unions will be treated on par with banks, state housing finance agencies will be fully exempted from capital requirements imposed on those participating in the Ginnie MBS program.
FHFA is working on an alternative to the single counterparty fee, triggered by a controversial provision in the new capital rule, that requires the GSEs to hold capital against one another as counterparties.