HUD Promotes Controversial Ginnie Mae Exec

The U.S. Department of Housing and Urban Development (HUD) has promoted Eric Blankenstein to the position of the acting executive vice president at the Government National Mortgage Association (GNMA, or “Ginnie Mae”), according to an internal agency email obtained by Politico. Blankenstein’s current role is in HUD’s Office of General Counsel on Ginnie Mae matters. […]

Ginnie Mae Chief Steps Down

The Government National Mortgage Association (GNMA, or “Ginnie Mae”) Executive Vice President and Chief Operations Officer Maren Kasper will be stepping down on October 18 for a new position in the private sector, according to a late Thursday press release issued by the organization. Kasper was previously appointed as acting president in the aftermath of […]

Bloomberg: Wall Street Prepares for the End of LIBOR

The London interbank offered rate (LIBOR), which has served as the backbone of adjustable-rate Home Equity Conversion Mortgages (HECMs) for over a decade and which has formed the benchmark for expected rates and rate adjustments, is set to expire in 2021. Now, Wall Street institutions are directing their resources to prepare for its end, according […]

New HUD Cash-Out Refi Rules Aim to Reduce Borrower Risk

The Department of Housing and Urban Development (HUD) announced Thursday new policy action initiatives designed to reduce the risks associated with cash-out refinance lending. It aims to accomplish this by lowering its maximum loan-to-value (LTV) requirements for cash-out refinance transactions from 85 percent to 80 percent, which will be effective for loan case numbers assigned […]

The Closure of Live Well Financial: The Story So Far

Once one of the top 10 reverse mortgage lenders by volume, the closure of Live Well Financial was as swift as it was unexpected. While the dust has yet to completely settle on this story, numerous legal proceedings extending out of the closure and ongoing investigations by financial regulators and federal law enforcement have further […]

Ginnie Mae Official Discusses How to Replace LIBOR

Both the Government National Mortgage Association (GNMA, or “Ginnie Mae”) and the Department of Housing and Urban Development (HUD) have discussed how to implement a change to their rate index, moving away from the current London Inter-bank Offered Rate (LIBOR) standard. This was an element of a presentation made by Michael Drayne, SVP at the […]

Ginnie Mae Brings Platinum Channel to Reverse Mortgage Securities

The Government National Mortgage Association (GNMA), also known as Ginnie Mae, announced on Thursday that mortgage securities backed by Home Equity Conversion Mortgages (HECMs) can now make use of a new “platinum” securities execution: the Home Equity Conversion Mortgages Backed Security (HMBS) Platinum securitization channel. This option, “eases the administrative costs of holding multiple (and […]