The Senate Appropriations Committee has directed HUD to review Ginnie Mae’s overwhelming reliance on outside contractors to perform key func-tions, including oversight, risk management and compliance.
The bank has managed to sell all securities received as collateral for a ware-house line of credit to now-defunct reverse-mortgage lender Live Well Financial.
Senate Appropriations Committee has asked HUD to ensure transparency and improve the resolution of defaulted and foreclosed HECMs and to better manage the sale of troubled taxpayer assets.
The trade group has urged Ginnie Mae to treat issuer stress testing as just “one tool among many,” in which results serve as the basis for further analysis and engagement rather than as a driver for enforcement.
FHA has updated its HECM rule, which allows lenders to offer surviving spouses of deceased borrowers the option of deferring payments and assigning the loan.
FHA has published new implementation requirements for condominium units secured by Home Equity Conversion Mortgage loans. The guidance also ap-plies to condo units that qualify for HECM spot-financing.
The department has recommended a scorecard to ensure FHA borrowers re-ceive financing that is appropriate and sustainable for long-term homeowner-ship. Meanwhile, the Treasury has outlined the new role Fannie Mae and Freddie Mac would play in a revamped housing-finance system.
The Treasury has recommended Congress empower Ginnie Mae to provide “last position” guarantee on MBS backed by conventional home loans and au-thority to adjust its guarantee fee.
Despite a legal setback, the department said it intends to proceed with a for-mal rulemaking on downpayment assistance provided by government entities. This time, though, with proper notice to stakeholders.
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