August 24th, 2010 |
by John |
published in
GNMA, News, Reverse Mortgage
Ginnie Mae announced that the corporation issued $37.8 billion in mortgage-backed securities (MBS) in July.
“Continuing increases in Ginnie Mae security issuances is clear evidence of the secondary market’s continued confidence in Ginnie, through all economic environments,” said Theodore Tozer, Ginnie Mae president.
August 23rd, 2010 |
by John |
published in
Bank of America, GNMA, News, Reverse Mortgage
Bank of America Merrill Lynch closed a $92 million private placement security backed by “troubled” reverse mortgages insured by the Federal Housing Administration according to Total Securitization. The deal is the first private label reverse mortgage securitization seen in the market since the downturn.
Issued by Mortgage Equity Conversion Asset Trust Corporation, a shelf issuer that houses [...]
August 16th, 2010 |
by John |
published in
GNMA, News, Reverse Mortgage
Ginnie Mae announced new net worth requirements for single family issuers to strengthen its operations and ensure the program better aligns with the rapidly changing housing finance market last week.
“There’s no question that the financial landscape over the past few years has produced uncertainty and new risks,” said Theodore Tozer, Ginnie Mae president. “To ensure [...]
August 10th, 2010 |
by Neil |
published in
FHA, GNMA, News, Reverse Mortgage
As politicians, the press and public debate the “goodness” of the reverse mortgage product, the investor market is upbeat about its future prospects. Acknowledging that 2010 reverse origination volume would be “lower than the last part of 2009,” Chris Witek, partner, BuckleySandler LLP, maintains that the secondary market appetite (i.e. Ginnie Mae securities) is strong.
“Most [...]
July 29th, 2010 |
by John |
published in
Bank of America, GNMA, News, Reverse Mortgage
Bank of America Merrill Lynch is looking to sell a $92 million bond backed by “troubled” reverse mortgages backed by the Federal Housing Administration according to Reuters.
The bond includes 760 HECMs with borrowers are all in distress situations, including foreclosure. Whether or not they’re T&I defaults isn’t clear, but one analyst told RMD they’re likely [...]
July 1st, 2010 |
by John |
published in
GNMA, News, Reverse Mortgage
The number of single family loans delinquent more than 90 days fell to 1.79% during April according to the Government National Mortgage Association (Ginnie Mae). The numbers are down from from 1.85% in March.
Ginnie Mae guaranteed more than $33.9 billion in mortgage-backed securities (MBS) in May.
June 9th, 2010 |
by John |
published in
GNMA, News, Reverse Mortgage
Ginnie Mae announced some changes regarding delivery reguirements for Ginnie Mae Multiclass Securities Transactions involving reverse mortgage MBS or H-REMICs as trust assets.
Previously, issuers were able to include HECM MBS or H-REMICs in Ginnie Mae REMIC transactions as either a separate trust asset group or combined within a trust asset group where other collateral in the [...]