Former Ginnie Mae Chief Executive Officer wrote an article in response to the Financial Crimes Enforcement Network’s decision to track reverse mortgage fraud.
Murin writes that:
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Ted Tozer was recently sworn in as the President of the Government National Mortgage Association (Ginnie Mae). Tozer will be responsible for ensuring Ginnie Mae safely guarantees the principal and interest payments on mortgage-backed securities (MBS) backed by loans insured or guaranteed by the FHA, VA, HUD’s Office of Public and Indian Housing, and the [...]

Fannie Mae purchased less than 10% of the reverse mortgage production in the marketplace during the 4Q of 2009 said its filing from the Securities and Exchange Commission (SEC).
While the government sponsored entity (GSE) estimates its market share was 90% in 2008, an increase in demand for Ginnie Mae HMBS securities has driven its share [...]

The Government National Mortgage Association (Ginnie Mae) announced that it guaranteed more than $38.1 billion in mortgage-backed securities (MBS) in January. The corporation also reported that in January, 2.35 percent of the Single-Family loans in Ginnie Mae guaranteed securities were 90-days or more delinquent, down significantly from 3.40 percent in January 2009.

We are all frustrated with the amount of negative press reverse mortgages receive and former Ginnie Mae CEO Joe Murin has joined the club.  In his Voice of Housing column for Mortgage News Daily, Murin writes, “I have had about all I can stand with the negative press related to Reverse Lending.”
Speaking for Baby Boomers [...]

Sun West Mortgage Company today announced that it has crossed the $2 Billion mark in HECM Mortgage Backed Securities (HMBS).
Acting as a participation agent or an issuer, the Cerritos, CA based reverse mortgage lender fulfills a strategic role in supporting liquidity in today’s troubled credit markets.

The Federal Housing Administration’s Mortgagee Review Board (MRB) permanently withdrew the FHA approval of Premium Capital Funding, LLC, a Jericho, New York based lender doing business as TopDot Mortgage.  The action prevents TopDot from participating in FHA programs and seeks a monetary penalty of $674,000.
In addition, the Gonvernment National Mortgage Association (Ginnie Mae) is [...]