Congress should consider legislation to allow Ginnie Mae to expand its pass-through assistance program to give nonbanks a liquidity backstop, according to the Financial Stability Oversight Council.
Ginnie seeing strong demand from foreign investors; non-QM demand particularly strong in MBS market; McCargo lands at Federal Home Loan Bank of San Francisco; CMBS downgraded.
A surge in refinance activity — especially in the VA program — led to a significant increase in loan removals from Ginnie Mae MBS during the first quarter of 2024.
Sam Valverde, Ginnie Mae’s principal executive vice president, will serve as acting president, while Laura Kenney, senior advisor for strategic operations, will assume additional duties.
Ginnie to increase reporting requirements on defaults, loss mitigation; Fitch prepares to rate commercial PACE securitizations; loans for hotels near Disney World head into commercial MBS; FHA extends waiver tied to Ginnie multifamily MBS.
Ginnie cautioned issuers that it monitors their portfolios to ensure they are meeting acceptable risk parameters, including those related to prepayment activity.
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.
Beginning May 13, Ginnie Mae will transition to a central application system for issuer submissions of required fidelity bond, errors and omissions insurance, and financial statements.
Officials from the secondary mortgage market believe innovations in products, policy and technology can support lenders and borrowers through a difficult housing market.
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