| 6/27/2024 | | WASHINGTON, D.C.— Today, Ginnie Mae announced a term sheet for its proposed Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) 2.0 program, initiating a comment period ending July 31st. The proposed program aims to enhance liquidity access for HMBS Issuers by allowing the re-pooling of active and non-active buyouts into new custom, single-Issuer pools.
“The team at Ginnie Mae works hard to promote stability and growth for our markets, communities, and families alike.” said HUD Acting Secretary Adrianne Todman. “It is critical that we enhance our existing tools so we can better support seniors and the reverse mortgage industry. We look forward to receiving feedback on how best to do this.”
“Soliciting public comment on the structure of the HMBS 2.0 program is critical to developing a program that supports Issuer liquidity while protecting taxpayers,” said Ginnie Mae Acting President Sam Valverde. “Ginnie Mae remains committed to supporting the government reverse mortgage market and we will work swiftly to address input received as we work to implement the program.”
The new HMBS 2.0 program, described in more depth in our blog Ginnie Mae Announces New Pool Type to Improve HECM MBS Liquidity, seeks to address liquidity constraints in the reverse mortgage sector by providing a new capital markets execution for older vintage HECMs.
Effective today, Ginnie Mae is establishing a comment period for Issuers and other industry participants to provide feedback on the HMBS 2.0 term sheet. Comments, attachments, and supporting materials are subject to public disclosure without change. Proprietary or sensitive personal information should not be included as comments will not be edited to remove such information. Please submit all comments to GinnieMaeHMBS@hud.gov before the close of business on July 31, 2024.
Additional information about Ginnie Mae is available at www.ginniemae.gov and on X (formerly Twitter), YouTube, Facebook, and LinkedIn.
About Ginnie Mae
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 6/6/2024 | | Washington, D.C.—Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.59 trillion in May, including $36.9 billion of total MBS issuance, leading to $14.3 billion of net growth. May’s new MBS issuance supports the financing of more than 116,000 households, including more than 58,000 first-time homebuyers. Approximately 74 percent of the May MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates.
The May issuance includes $36.1 billion of Ginnie Mae II MBS and $804 million of Ginnie Mae I MBS, including $655 million in loans for multifamily housing.
For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 249,000 first-time homebuyer loans.
For more information on monthly MBS issuance, Unpaid Principal Balance (UPB), real estate mortgage investment conduit (REMIC) monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.
Additional information about Ginnie Mae is available at
www.ginniemae.gov and on
X (formerly Twitter),
YouTube,
Facebook, and
LinkedIn.
About Ginnie Mae Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 6/4/2024 | | WASHINGTON, D.C.—Today, in Multiclass Participants Memorandum (MPM) 24–01, Ginnie Mae announced updates to the Multiclass Securities Program. These updates inform interested participants that, effective with issuances on and after June 12, 2024, Platinum Participants may aggregate MBS Pool Type C ET into Platinum Pool Type C EP and HMBS Pool Type H SA into Platinum Pool Type H PE.
For more information regarding the Multiclass Securities Program updates, see MPM 24–01.
“I am pleased to announce the creation of a C ET Platinum Pool Type as the latest in a series of efforts to promote better market execution options for our Issuers,” said Ginnie Mae Acting President, Sam Valverde. “This programmatic change is part of Ginnie Mae’s continued focus on finding ways to return working capital to Issuers.”
If you have any questions regarding the updates in this announcement, please contact Ginnie Mae’s Office of Capital Markets at 202–475–2212.
Additional information about Ginnie Mae is available at
www.ginniemae.gov and on
X (formerly Twitter),
YouTube,
Facebook, and
LinkedIn.
About Ginnie Mae Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 5/31/2024 | | WASHINGTON, D.C.— Today, in All Participants Memorandum (APM) 24-09, Ginnie Mae announced updates to its Digital Collateral Program Guide (eGuide). These updates follow the previous announcement allowing for the commingling of loans with eNotes and paper notes in the same pools.
Ginnie Mae is updating several eGuide sections to support commingling, provide clarification, and make other necessary changes designed to address questions and other feedback received from program participants. See APM 24-09 for a complete list of changes made to the eGuide.
For more information regarding the Digital Collateral Program Guide updates, see APM 24-09.
If you have any questions regarding the policy changes in this announcement, please contact your account executive in the Office of Issuer and Portfolio Management or email askGinnieMae@hud.gov.
Additional information about Ginnie Mae is available at www.ginniemae.gov and on X (formerly Twitter), YouTube, Facebook, and LinkedIn.
About Ginnie Mae
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 5/20/2024 | | WASHINGTON, D.C.— Today, in All Participants Memorandum (APM) 24-08, Ginnie Mae announced the recovery planning requirements for non-depository Issuers whose portfolios equal or exceed a remaining principal balance (RPB) of $50 billion at the end of the calendar year. The initial recovery plans for the calendar year 2024 are due no later than June 30th, 2025.
Issuers’ recovery plans must include information related to its organizational structures as well as technology systems to provide Ginnie Mae visibility into an Issuer’s core information systems leveraged to service its Ginnie Mae portfolio. Ginnie Mae will evaluate the recovery plans submitted by the Issuers, notifying them of either approval or the need for additional information. Issuers will be required, every two years, to update and resubmit their recovery plans or attest that the most recently approved recovery plan, including any out-of-cycle material changes made to their plan, remains current.
These requirements will assist Ginnie Mae in upholding its explicit government-backed guaranty, should an Issuer fail to meet the obligations outlined in the Mortgage-Backed Securities (MBS) Guide and Guaranty Agreement(s), and to ensure that the MBS program requirements appropriately reflect the risk associated with certain Issuer profiles. In the event that an Issuer fails to meet its obligations, these recovery plans will play a vital role in Ginnie Mae’s ability to promptly and smoothly transfer servicing responsibilities. By proactively planning for potential distress or failure, we can minimize disruptions, stabilize the market, and protect the interests of investors and borrowers.
“Ginnie Mae takes a multi-faceted approach to risk management,” said Acting President Sam Valverde. “Our new recovery planning requirements are a key component to manage counterparty risk and support seamless guaranty operations.”
For more information regarding the transition to the new recovery planning requirements, see APM 24-08.
If you have any questions regarding the policy changes in this announcement, please contact your account executive in the Office of Issuer and Portfolio Management or email askGinnieMae@hud.gov.
Additional information about Ginnie Mae is available at www.ginniemae.gov and on X (formerly Twitter), YouTube, Facebook, and LinkedIn.
About Ginnie Mae
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 5/20/2024 | |
WASHINGTON, D.C.— Today, in All Participants Memorandum (APM) 24-07, Ginnie Mae announced that it will now permit the securitization of Digital Collateral into the same pools as its traditional paper collateral (commingling), effective with
June 1, 2024, issuances.
Ginnie Mae implemented the Digital Collateral Program pilot in July 2020 in response to industry requests to optimize Issuer digital environments as well as to align with existing policies and practices. Since then, Ginnie Mae has permitted securitization of Digital Collateral in digital-only pools or loan packages, while it established processes to monitor the growth of the new program. The introduction of commingling is designed to promote liquidity and further increase participation in the Digital Collateral Program. Commingling also supports the Department of Housing and Urban Development's (HUD) Strategic Plan with respect to the modernization and digitalization of the Mortgage-Backed Securities (MBS) program. Ginnie Mae will publish an updated eGuide reflecting this change to coincide with this announcement and provide further updates. Digital Collateral will continue to be eligible for the same pool types for which they are currently eligible, as published in Ginnie Mae's Digital Collateral Guide. “This significant milestone for our Digital Collateral Program marks Ginnie Mae's continued efforts to modernize our Mortgage-Backed Securities (MBS) program," said Acting President Sam Valverde. “As the housing finance industry continues to evolve, we remain committed to using technology to support Issuers, borrowers, and the taxpayer." For more information regarding the transition to the new reporting requirements, see APM 24-07. If you have any questions regarding the policy changes in this announcement, please contact your account executive in the Office of Issuer and Portfolio Management or email
askGinnieMae@hud.gov.
Additional information about Ginnie Mae is available at www.ginniemae.gov and on X (formerly Twitter), YouTube, Facebook, and LinkedIn.
About Ginnie Mae
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development's Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 5/13/2024 | | WASHINGTON, D.C.—On Friday, May 10, 2024, Government National Mortgage Association (Ginnie Mae) Acting President Sam Valverde provided the following statement to the Financial Security Oversight Council (FSOC): Thank you, Madame Secretary, for the opportunity for Ginnie Mae to join the Council in this important work. Since the 2008 financial crisis, there has been a significant shift in the mortgage market away from traditional depository banks to nonbanks, or independent mortgage banks (IMBs). This shift is particularly pronounced in Government mortgage lending programs and Ginnie Mae's mortgage-backed securities (MBS) program. While the growth of IMBs in the mortgage market introduced unique challenges, it has also expanded the reach of these programs. IMBs have met borrowers where they are, adopting new technologies and practices to better serve them, and have helped millions of Americans achieve homeownership. Their story of growth has also been the story of Ginnie Mae's growth, and our Issuers have helped advance our mission to expand access to affordable credit and housing to historically underserved communities, including low- to moderate-income borrowers, seniors, veterans, and rural and Tribal communities. These federal programs were originally designed with depository institutions in mind. Independent mortgage banks lack the diverse funding sources that regulated banks enjoy. Their unique focus on housing finance has driven significant consumer benefits, but it also drives unique liquidity challenges in the housing market precisely when liquidity is most needed—to support loss mitigation and orderly servicing transfers during a downturn. We at Ginnie Mae have been raising this source of concern for over a decade. We have spent just as long deploying our existing authorities to develop a suite of risk management and oversight tools to manage these risks, but we need new authorities to address these issues in a holistic manner. This is why it is so important that we have a public conversation about these risks. This report represents months of work and introduces a number of recommendations for how state and federal agencies can strengthen the housing finance system and address these persisting challenges. We look forward to our continued work with the Council on these pressing matters and stand ready to provide technical assistance on any related legislative approaches. I am confident that, working across the public sector, we can drive meaningful change in a way that supports sustainable access to credit while protecting the financial system and consumers from harm. Additional information about Ginnie Mae is available at
www.ginniemae.gov and on
X (formerly Twitter),
YouTube,
Facebook, and
LinkedIn.
About Ginnie Mae Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development's Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 5/9/2024 | | WASHINGTON, D.C.— Effective May 6th, Sam Valverde entered the role of Acting President of Ginnie Mae. Mr. Valverde previously served as the organization's Principal Executive Vice President since January 2023.
He began his tenure at Ginnie Mae in March 2022 to serve as the Executive Vice President and Chief Operating Officer. As Acting President, Mr. Valverde leads Ginnie Mae's mission to link the United States housing market to the global capital markets, thus providing low-cost financing for federal housing programs and making affordable housing a reality for millions of Americans. He brings more than 15 years of housing finance, policy, and legal experience to Ginnie Mae. Across his career in public service, he has worked to develop market-based solutions to improve economic outcomes for all Americans. Prior to joining Ginnie Mae, Mr. Valverde was most recently Supervisory Attorney Advisor at the Federal Housing Finance Agency (FHFA) in the Division of Conservatorship Oversight and Readiness. In that role, he led agency-wide projects intended to support greater access to mortgage credit and affordable rental opportunities for working families. Prior to joining public service, Mr. Valverde began his career as a securities lawyer at Davis Polk & Wardell LLP. Mr. Valverde received his J.D. from Yale Law School and an A.B. from Dartmouth College. Additional information about Ginnie Mae is available at www.ginniemae.gov and on X (formerly Twitter), YouTube, Facebook, and LinkedIn.
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development's Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 5/8/2024 | | Washington, D.C.—Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.57 trillion in April, including $34.8 billion of total MBS issuance, leading to $14.1 billion of net growth. April’s new MBS issuance supports financing more than 110,000 households, including more than 53,000 first-time homebuyers. Approximately 73 percent of the April MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates.
The April issuance includes $34.2 billion of Ginnie Mae II MBS and $549 million of Ginnie Mae I MBS, including $463 million in loans for multifamily housing.
For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 190,000 first-time homebuyer loans.
For more information on monthly MBS issuance, Unpaid Principal Balance (UPB), real estate mortgage investment conduit (REMIC) monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.
Additional information about Ginnie Mae is available at
www.ginniemae.gov and on
X(formerly Twitter),
YouTube,
Facebook and
LinkedIn. About Ginnie Mae
Ginnie Mae is an entirely government-owned corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae Mortgage-Backed Security (MBS) programs directly support housing finance programs administered by the Federal Housing Administration, the U.S. Department of Veterans Affairs, the U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing, and the U.S. Department of Agriculture’s Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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| 4/19/2024 | | WASHINGTON, D.C.—Alanna McCargo, President of the Government National Mortgage Association (Ginnie Mae), will resign from public office, effective May 3, 2024.
McCargo has served in the Biden-Harris Administration since January 2021, first as the Senior Advisor for Housing Finance in the U.S. Department of Housing and Urban Development (HUD) for former Secretary Marcia L. Fudge and then later nominated by President Biden to lead Ginnie Mae. McCargo’s confirmation, with bipartisan support by the U.S. Senate, made history as she became the first woman and woman of color at the helm of this U.S. Government corporation.
“The past 3.5 years in public service with the Biden-Harris Administration has been the most important and fulfilling work of my 25-year career in housing finance, and I am deeply grateful for the opportunity to serve my country and advance a bold housing agenda across the globe as President of Ginnie Mae. I am incredibly proud of what we have accomplished together and grateful for the housing leadership this Administration and agency have demonstrated since our first day in office. This has been a deeply personal decision to return to private life,” McCargo said in a statement. “I am most proud of the team of career public servants at Ginnie Mae that I have had the privilege of working alongside since my confirmation. The talent, commitment, and dedication of the Ginnie Mae team are breathtaking, and the enormity of responsibility they carry out each day in our complex $2.5 trillion guarantee business is remarkable. I am pleased with the progress and accomplishments Ginnie Mae has achieved during my tenure, the precision with which the team executes on our obligations and authorities, and the groundwork that we have laid for Ginnie Mae to grow and build the capacity needed to meet its crucial affordable housing and capital markets mission on behalf of the United States Government,” she said.
Principal Executive Vice President (PEVP) Sam Valverde will serve as the Acting President upon President McCargo’s departure. He has served with McCargo for the past 2 years, leading the agency through numerous critical initiatives and spearheading work in the global investment community to expand the value proposition of Ginnie Mae’s mortgage-backed securities program. Senior Advisor for Strategic Operations and Interim Chief Operating Officer Laura Kenney will assume additional responsibilities as part of this transition. “I have complete confidence in Sam and Laura and the entire career executive leadership team to continue to provide leadership continuity and to execute the ongoing priorities that Ginnie Mae has worked on during my tenure,” McCargo said.
Acting Secretary Adrianne Todman shared her gratitude for McCargo’s service and leadership. “I thank President McCargo for her service to our country and at HUD. In her time at the agency, she has been a zealous advocate for housing affordability and ensuring a more equitable housing finance system. As President of Ginnie Mae, Alanna has helped expand Ginnie Mae’s reach in serving historically underserved communities and has been a champion for advancing market-driven initiatives that support mortgage programs across the Government,” said Acting Secretary Adrianne Todman. “It has been a joy to work with President McCargo. I am proud to say that she has left Ginnie Mae stronger than when she arrived, and her tenure sets a high standard for servant leadership.”
Additional information about Ginnie Mae is available at
www.ginniemae.gov and on
X(formerly Twitter),
YouTube,
Facebook and
LinkedIn.
About Ginnie Mae
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the U.S. Government.
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