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| 12/27/2024 | | Washington, D.C.—Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.68 trillion as of November 2024. In addition, Ginnie Mae issued nearly $50 billion in total MBS, resulting in net portfolio growth of $23.4 billion. This issuance supports the financing of more than 145,000 households, including more than 58,000 first-time homebuyers. Approximately 57 percent of single-family issuances reflected new home purchases.
The key highlights from the November issuance are:
- $48.5 billion of Ginnie Mae II MBS.
- $1.4 billion of Ginnie Mae I MBS, including $1.3 billion for multifamily housing loans.
- Ginnie Mae facilitating the pooling and securitization of nearly 605,000 loans for first-time homebuyers year to date.
For detailed information on monthly MBS issuance, unpaid principal balance, Real Estate Mortgage Investment Conduit issuance, and a broader analysis of global market analysis, visit Ginnie Mae Disclosures.
About Ginnie Mae
Ginnie Mae is a wholly 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 United States Government. Additional information about Ginnie Mae is available at www.ginniemae.gov, X, YouTube, Facebook, and LinkedIn.
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| 12/19/2024 | | WASHINGTON, D.C.—Today, Ginnie Mae announced the upcoming retirement of Leslie Meaux Pordzik, Senior Vice President of the Office of Issuer and Portfolio Management, effective December 27, 2024, following a distinguished 36-year career in the mortgage finance industry and 13 years with the agency.
Leslie provided critical leadership during a period of significant growth and change at Ginnie Mae. She oversaw more than 400 Issuers, modernized compliance and monitoring protocols, and introduced innovative tools such as the Issuer Operational Performance Profile—Ginnie Mae’s first scorecard and a cornerstone of its oversight efforts. She also developed a comprehensive framework to manage Issuers along the compliance continuum, ensuring Ginnie Mae’s readiness to lead Issuers unable to meet their obligations, protecting the government guaranty and mitigating risks to borrowers and taxpayers. Most recently, she spearheaded the creation of the Ginnie Mae Central application, a modernization initiative that enhances operational efficiency and streamlines processes for Issuers.
“With over a decade of service at Ginnie Mae and an expansive career in housing finance, Leslie has left an indelible mark on the agency,” said Gregory Keith, Acting Executive Vice President and Chief Operating Officer at Ginnie Mae. “Her leadership, vision, and dedication have strengthened Issuer partnerships, modernized critical processes, and enhanced the resilience of our operations. Her contributions have positioned Ginnie Mae for continued success. On a personal level, Leslie has always been a champion for doing what is best for American homeowners, renters, assisted living and skilled nursing patients, and the taxpayers.”
Effective immediately upon Leslie’s retirement, Harlan Jones will serve as the Acting Senior Vice President of Issuer and Portfolio Management. Harlan brings extensive experience and a deep understanding of Ginnie Mae’s operations.
Former Ginnie Mae President Ted Tozer also shared, “Leslie not only cared deeply about Ginnie Mae’s success but also about the broader housing finance industry. She was a dedicated leader and will be missed by all who had the privilege of working with her.”
Reflecting on her time at Ginnie Mae, Leslie shared, “It has been an honor and a privilege to serve at Ginnie Mae. I am immensely proud of the work we’ve accomplished to strengthen Issuer oversight, modernize processes, and protect the government guaranty. I leave confidently that the agency is well positioned to meet its mission thanks to the dedication of my colleagues and the entire Ginnie Mae team.”
About Ginnie Mae Ginnie Mae is a wholly 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 United States Government. Additional information about Ginnie Mae is available at www.ginniemae.gov, X, YouTube, Facebook, and LinkedIn.
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| 12/17/2024 | | Washington, D.C. —Today, Ginnie Mae released its Fiscal Year 2024 (FY24) Annual Financial Report, highlighting its financial results and demonstrating extraordinary performance in strengthening the U.S. housing finance market to ensure more Americans have meaningful opportunities to achieve homeownership.
During FY24, Ginnie Mae’s mortgage-backed securities (MBS) program supported 1.2 million households nationwide—including servicemembers, veterans, and first-time homebuyers—from urban centers to rural and Tribal communities. The MBS gross annual issuance totaled $423.4 billion, increasing Ginnie Mae’s outstanding portfolio to a record $2.64 trillion. This performance generated $3.1 billion in results of operations, including a $1.3 billion contribution to the U.S. Government.
“Once again, our fiscal year results demonstrate Ginnie Mae’s ability to provide consistent access to affordable credit throughout all market cycles while delivering value to taxpayers,” said Gregory Keith, Senior Vice President and Chief Risk Officer. “In generating $3.1 billion net financial impact, including supporting 1.2 million households, Ginnie Mae proved how impactful our business can be in strengthening the housing finance market while generating superior financial results. Perhaps more amazing is that Ginnie Mae accomplishes this mission with fewer than 300 employees.”
Read the full FY 2024 Annual Financial Report and learn more about Ginnie Mae’s strategic priorities, achievements, and vision for strengthening housing finance here.
“Despite economic challenges, Ginnie Mae maintained strong financial health and operational excellence,” said Chief Financial Officer Adetokunbo “Toky” Lofinmakin. “With a business model that generates a negative subsidy, we directly contribute to U.S. Government earnings. This year’s $1.3 billion contribution underscores our value and unwavering commitment to advancing affordable homeownership nationwide.”
Ginnie Mae continues to prioritize effective financial management, operational efficiency, and strategic growth—key factors in its sustained success and positive impact on the U.S. housing finance market. These efforts help ensure that more Americans have meaningful opportunities to secure a home while fostering investor confidence both domestically and abroad. Ginnie Mae’s focus on governance, internal controls, and modernization continues to anchor its operations, ensuring stability and readiness to meet evolving challenges.
“For five consecutive years, Ginnie Mae has maintained an unmodified audit opinion—an extraordinary achievement for a small agency managing such a large portfolio,” said Erica Johnson, Director and Audit Liaison Officer. “Our robust internal controls and modernization initiatives enable us to adapt to evolving market conditions, maintain transparency, and ensure we remain well-prepared to meet future challenges.” About Ginnie Mae
Ginnie Mae is a wholly 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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| 11/25/2024 | | WASHINGTON, D.C. — Today, Ginnie Mae announced the finalized term sheet for its Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) 2.0 program. The finalization follows an extensive stakeholder engagement process and public comments received after the June 2024 release of the proposed HMBS 2.0 term sheet.
“The finalized HMBS 2.0 term sheet demonstrates Ginnie Mae’s commitment to providing innovative solutions for the reverse mortgage industry,” said Acting President Sam Valverde. “This program will facilitate much-needed liquidity for Issuers while improving the stability of the government-backed reverse mortgage market. As my final major initiative at Ginnie Mae, I am proud to see the critical policy work completed.”
The HMBS 2.0 program addresses liquidity challenges when HECM loans are bought out of traditional HMBS pools but cannot be immediately assigned to the Federal Housing Administration because of incomplete documentation or unresolved borrower defaults. The program introduces revised pooling options that provide Issuers with durable liquidity solutions while maintaining protections for taxpayers.
Key features of the finalized term sheet include:
- Defining HECM collateral criteria and Issuer eligibility requirements.
- Extending the Mandatory Buyout threshold to 150% of the Maximum Claim Amount.
- Capping pooling participation at 95% to incentivize Issuers to mitigate risks to taxpayers.
- Allowing securitization of certain loan advances, including those related to due and payable loans.
- Revising pool certification requirements to account for foreclosure or legal documentation challenges while incorporating alternative property valuation methods.
- Adjusting the Maximum Adjusted Property Value Ratio (MAPVR):
- 70% MAPVR for HECM loans bought out before the program’s implementation.
- 60% MAPVR for other HECM loans.
- MAPVR determined at the time of pooling will remain valid for subsequent participations.
- Specifying HMBS 2.0 pool types to provide clarity and alignment with program requirements.
These provisions aim to stabilize the reverse mortgage sector by addressing Issuers’ liquidity needs while preserving long-term market integrity. With the policy work completed, Ginnie Mae is now focused on program implementation and is working closely with vendors and contractors to establish a comprehensive work schedule and completion timeline.
About Ginnie Mae
Ginnie Mae is a wholly government-owned corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners nationwide. Ginnie Mae’s mortgage-backed securities (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 securities are the only MBS backed by the explicit full faith and credit of the U.S. Government.
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| 11/18/2024 | | Washington, D.C.— Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.658 trillion as of October 2024. Additionally, Ginnie Mae issued $45.2 billion in total MBS, resulting in a net portfolio growth of $11.1 billion. This issuance supports the financing of over 133,000 households, including more than 55,000 first-time homebuyers, and approximately 59 percent of issuances reflect new home purchases.
Key Highlights from the October Issuance: - $44.2 billion of Ginnie Mae II MBS.
- $1.0 billion of Ginnie Mae I MBS, including $932 million for multifamily housing loans.
- Year-to-date, Ginnie Mae has facilitated the pooling and securitization of nearly 546,000 loans for first-time homebuyers.
For detailed information on monthly MBS issuance, Unpaid Principal Balance, Real Estate Mortgage Investment Conduit issuance, and a broader analysis of global market analysis, visit Ginnie Mae Disclosure.
About Ginnie Mae
Ginnie Mae is a wholly 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 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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| 11/15/2024 | |
WASHINGTON, D.C.—Sam Valverde, Acting President of Ginnie Mae, will step down, effective November 30, 2024. Valverde has served in the Biden-Harris Administration as the Acting President of Ginnie Mae since May 2024, after previously holding the roles of Principal Executive Vice President and Chief Operating Officer since joining the organization in March 2022. His appointment marked a historic milestone as he became Ginnie Mae’s first Latino executive and, later, its first Latino leader. "The opportunity to lead Ginnie Mae has been the most impactful and rewarding work of my career in public service. I am deeply honored to have had the chance to serve my country while championing a borrower-focused and market-driven housing finance agenda,” Valverde said. “I am immensely proud of all that we have achieved on behalf of the borrowers, issuers, and investors that we serve." He continued, "I owe a debt of gr atitude to the team of career public servants who work tirelessly to uphold our mission. The talent and dedication of the Ginnie Mae team are unmatched, and the enormity of their daily responsibilities in managing our $2.658 trillion-guarantee business is inspiring. I am pleased with our progress and confident in the foundation we’ve built to enhance Ginnie Mae’s capacity to meet its essential affordable housing and capital markets mission on behalf of the U.S. Government." Upon Valverde’s departure, Senior Vice President and Chief Risk Officer
Gregory Keith will assume the responsibilities of the Ginnie Mae President. "Gregory Keith has been a key leader at Ginnie Mae for over a decade, bringing a holistic perspective on housing finance that will serve the organization well at this critical time,” Valverde said. Keith brings over 35 years of housing finance experience to this role, having led Ginnie Mae’s risk and compliance functions since October 2010. His work has been instrumental in stabilizing Ginnie Mae’s portfolio, implementing robust risk management practices, and overseeing key operational policies to safeguard the organization’s mission. U.S. Department of Housing and Urban Development Agency Head Adrianne Todman shared her gratitude for Valverde’s service and leadership. "I would like to thank Acting President Valverde for his innovative leadership at Ginnie Mae and years of public service,” said Todman. “Mr. Valverde’s tenure has been groundbreaking and has set the foundation for a people-first philosophy in Ginnie Mae’s crucial mission to support affordable housing for people across the nation." 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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| 11/7/2024 | | WASHINGTON, D.C.—Today, in All Participants Memorandum 24-12, Ginnie Mae announced that issuers who have a track record of managing their interest rate exposure through Mortgage Servicing Rights (MSRs) hedging and who meet prescribed eligibility requirements may qualify for Risk-Based Capital Ratio (RBCR) requirement relief.
To determine if it will grant risk-based capital relief, Ginnie Mae will review information submitted quarterly on the issuer’s Mortgage Banking Financial Reporting Form and calculate an MSR value adjustment, the percentage by which the issuer’s MSR values will be reduced for the purposes of calculating RBCR. The adjustment will be based on the issuer’s hedging efficacy (as defined in the APM) over the most recent 12 quarters. If issuers have not hedged in each of the last 12 quarters, Ginnie Mae will use the average of hedging performance where hedging results are available. The adjustment is strictly for compliance with RBCR; the issuer’s adjusted net worth will not be adjusted, subject to the following minimum eligibility requirements:
Minimum Requirements
To be eligible for risk-based capital relief, issuers, at a minimum, must have hedged: - At least 1 of the most recent 4 quarters, and
- At least 4 of the most recent 12 quarters.
“As we have said previously, Ginnie Mae will continue to look for ways to adjust our RBCR, where industry practice reflects demonstrable risk mitigation,” said Acting President Sam Valverde. “With RBCR set to go into effect at the end of the year, we are pleased to provide this relief for proven hedging strategies.”
Please consult APM 24-12 for more detailed information regarding this change.
If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.
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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| 10/18/2024 | | Washington, D.C.—Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.64 trillion as of September 2024. Additionally, Ginnie Mae issued $45.2 billion in total MBS, resulting in a net portfolio growth of $16.2 billion. This issuance supports the financing of over 132,000 households, including more than 61,000 first-time homebuyers, and approximately 65 percent of issuances reflected new home purchases.
Key Highlights from the September Issuance:
- $43.7 billion in Ginnie Mae II MBS.
- $1.6 billion in Ginnie Mae I MBS, including nearly $1.5 billion for multifamily housing loans.
- Year-to-date, Ginnie Mae has facilitated the pooling and securitization of nearly 491,000 loans for first-time homebuyers.
For detailed information on monthly MBS issuance, Unpaid Principal Balance, Real Estate Mortgage Investment Conduit issuance, and a broader analysis of global market analysis, visit Ginnie Mae Disclosure.
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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| 10/8/2024 | | Washington, D.C.— Today, Ginnie Mae introduced a new monthly disclosure that provides detailed information on loans in active Ginnie Mae mortgage-backed securities (MBS) with rural borrowers. Effective immediately, the disclosure will be available on the sixth business day of every month.
In collaboration with the U.S. Department of Agriculture (USDA) and USDA geographers, we developed the data parameters for this initiative, focusing on accurately defining rural borrowers. Using the USDA’s Rural-Urban Commuting Area (RUCA) Codes, we determined that borrowers residing in RUCA codes 4 through 10 would be classified as rural. Ginnie Mae will disclose the number of loans at the MBS level with rural borrowers and the percentage of unpaid principal balance represented by these loans.
“Ginnie Mae is charged specifically with supporting access to mortgage credit in rural communities,” said Ginnie Mae Acting President Sam Valverde. “Given that many Veterans Affairs and Federal Housing Administration borrowers live in rural areas, this expanded rural definition helps demonstrate our commitment to these communities. This new disclosure will also give investors a clearer view of the social mission of our securities program.”
“This disclosure adds more granularity regarding our MBS collateral makeup,” said Richard Perrelli, Product Manager, Office of Capital Markets. “This enables investors to shift from an over-emphasis upon the insuring agency program by including additional borrower attributes. These factors will help create superlative MBS valuation models.”
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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| 9/30/2024 | |
Washington, D.C.—Ginnie Mae and the U.S. Department of Housing and Urban Development (HUD) will host the
Mortgage Market Resilience and Access to Credit Summit on Tuesday, October 15, 2024,
HUD headquarters. This event explores the intersection between liquidity for mortgage lenders, servicers, and mortgage-backed securities Issuers and the preservation of borrowers’ access to affordable credit throughout the economic cycle. This hybrid summit brings together leaders from the Federal Government, private sector, and housing industry to discuss the critical role of independent mortgage banks in the housing finance ecosystem.
Adrianne Todman, Acting HUD Secretary, will deliver opening remarks, followed by a fireside chat with Sam Valverde, Ginnie Mae Acting President, and Daniel Hornung, Special Assistant to the President for Economic Policy at the National Economic Council. The summit will also feature three dynamic, expert-led panels examining industry risks, exploring innovative strategies for addressing market challenges, and engaging in meaningful discussions on solutions that could shape the future of housing finance.
“We are committed to empowering Americans with the opportunities and resources needed to build their futures—especially in securing stable, affordable housing,” said Acting Secretary Todman. “Independent mortgage banks play a key role in making this a reality, and this summit will shine a spotlight on their essential contributions to our housing market.”
“This summit offers an invaluable platform to discuss how we can collaborate to strengthen the housing system by enhancing the resilience of independent mortgage banks throughout economic cycles,” said Acting President Valverde. “Ginnie Mae’s Issuers are our partners in expanding access to affordable lending, and advancing solutions that support their liquidity needs is critical to ensuring sustainable access to credit for the borrowers we serve.”
For a complete event agenda and participant details, click
here.
Registration Required This hybrid event is open to the public, with in-person and virtual attendance available.
Register here to attend.
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 mortgage-backed securities (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’s Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States Government.
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