Ginnie Mae last week announced its most recent initiative to attract lenders to its MBS and free up more capital for lending – the Excess Servicing Mortgage-Backed Security – which will allow lenders to sell off their excess servicing rights on new and existing Ginnie II securities. The XMBS product will allow lenders to sell servicing in excess of 44 basis points on loan pools issued before July 1, 2003, and spreads in excess of 19…