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Ginnie Mae MBS Outstanding Issuance Approaches $2 Trillion

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Home / Daily Dose / Ginnie Mae MBS Outstanding Issuance Approaches $2 Trillion in Daily Dose, Featured, Government, Headlines, Journal, News  Print This Post Sign up for DS News Daily Ginnie Mae MBS Mortgage-Backed Securities 2018-02-15 David Wharton Demand Propels Home Prices Upward 2 days ago Tagged with: Ginnie Mae MBS Mortgage-Backed Securities The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: FEMA Aid for Some Displaced Puerto Ricans Running Out Next: The Industry Pulse: Updates on Mr. Cooper, Black Knight, and More … Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Ginnie Mae MBS Outstanding Issuance Approaches $2 Trillion February 15, 2018 4,309 Views Servicers Navigate the Post-Pandemic World 2 days ago On Thursday, Ginnie Mae—the government-owned corporation that attracts global capital into the housing finance system—announced that issuance of its mortgage-backed securities (MBS) totaled $36.41 billion in January 2018. This brings Ginnie Mae’s total outstanding principal balance to $1.924 trillion, up from January 2017’s total of $1.786 trillion. Ginnie’s MBS issuance for FY 2018 to the end of January totaled $153.419 billion.Ginnie’s January’s issuance included $34.611 billion of Ginnie Mae II MBS and $1.795 billion of Ginnie Mae I MBS. Together, they “provided access to $36.834 billion in capital for single-family home loans and $1.403 billion for multifamily housing.”The Fed is expected to continue working to shrink the agency’s balance sheet, including MBS issued by Fannie Mae, Freddie Mac, and Ginnie Mae. However, some believe even more drastic changes are needed for the GSEs. Ginnie Mae Acting President Michael R. Bright spoke before the House Financial Services Committee in November 2017, during which he discussed a paper he co-wrote with FHFA Acting Director Ed DeMarco in September 2016. It proposed reconstituting Fannie Mae and Freddie Mac as lender-owned mutuals and removing Ginnie Mae from the auspices of the Department of Housing and Urban Development, instead converting Ginnie into a standalone government corporation like the FDIC, “with authority over its own budget, hiring, and compensation.”However, Bright also had praise for Ginnie. “At a very high level, the Ginnie Mae wrap works because we do two things effectively,” Bright said. “First, we are transparent about our rules and our processes with our investors. And second, we work hard to police our program.”That second promise came into play last week, when Ginnie Mae notified a small number of issuers in the multi-issuer mortgage-backed security (MBS) pool to take steps to address churning in its MBS program. “Churning” is a process where a lender solicits an existing borrower to refinance their current mortgage for a better offer with a different or the same investor. Some lenders use this practice to refinance a loan multiple times and generate profits for lenders.“We have an obligation to take necessary measures to prevent the lending practices of a few from impairing the performance of our multi-issuer securities, and thus raising the cost of homeownership for millions of Americans,” said Bright. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Best Markets For Residential Property Investors 2 days agolast_img read more