Ginnie Mae Archives

Government requests more time in Ginnie Mae/TCB lawsuit

June 13, 2024 mpsingh No Comments Real estate Ginnie, Ginnie Mae, Government, HECM, HMBS, HWmember, lawsuit, MaeTCB, requests, Reverse Mortgage Funding, Texas Capital Bank, Time

“Certain Ginnie Mae documents have been flagged as potentially subject to the federal Defend Trade Secrets Act,” the filing reads. “To administer its programs, Ginnie Mae requires program participants to submit proprietary, business sensitive, and other competitively advantageous non-public information.” A portion of this information belongs to non-parties described as direct competitors of TCB, and [...]read moreGovernment requests more time in Ginnie Mae/TCB lawsuit

CHLA: Here’s how to modernize ‘short-changed’ Ginnie Mae

May 16, 2024 mpsingh No Comments Real estate CHLA, Community Home Lenders Association, Ginnie, Ginnie Mae, Heres, Mae, modernize, Secondary market, shortchanged

The Community Home Lenders of America (CHLA) on Wednesday released a plan that it says would “modernize” Ginnie Mae, the government-owned company that manages the securitization of government-sponsored loans. The CHLA argues that Ginnie Mae has not been given sufficient budget authority by the congressional appropriations process despite the value it generates. Its plan takes [...]read moreCHLA: Here’s how to modernize ‘short-changed’ Ginnie Mae

FSOC recommends more regulation and liquidity for nonbank servicers

May 13, 2024 mpsingh No Comments Real estate FHFA, FSOC, Ginnie Mae, liquidity, MSR, nonbank, recommends, Regulation, Regulatory Compliance, servicers, servicing

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. It recommended increased regulation and initiatives to improve these companies’ liquidity during moments of stress, but mortgage trade groups have different reactions to the proposals. The attention on nonbank mortgage companies have increased since their [...]read moreFSOC recommends more regulation and liquidity for nonbank servicers

Valverde appointed acting president of Ginnie Mae

May 10, 2024 mpsingh No Comments Real estate acting, appointed, Department of the Treasury, FHFA, Ginnie, Ginnie Mae, Mae, president, Valverde

Sam Valverde, formerly the principal executive vice president of government-owned corporation Ginnie Mae, was named as its acting president as of May 6, according to an announcement issued by the organization this week. Sam Valverde Valverde succeeds Alanna McCargo, who began serving as Ginnie Mae president in January 2022 until announcing her resignation in April. [...]read moreValverde appointed acting president of Ginnie Mae

Senator inquiring about HMBS program clinches gubernatorial nomination

May 9, 2024 mpsingh No Comments Real estate clinches, Ginnie Mae, gubernatorial, HMBS, Indiana, inquiring, nomination, Program, Senate, Senator

U.S. Sen. Mike Braun (R-Ind.), who recently submitted a series of questions to Ginnie Mae about its management of the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program following the collapse of Reverse Mortgage Funding (RMF), clinched the Republican nomination for governor of Indiana on Tuesday night, according to The Associated Press and The Washington [...]read moreSenator inquiring about HMBS program clinches gubernatorial nomination

CHLA president addresses various consumer protection measures

April 26, 2024 mpsingh No Comments Real estate Addresses, CFPB, CHLA, Consumer, Credit Score, Fannie Mae, Freddie Mac, Ginnie Mae, HWmember, Measures, president, protection, The Gathering

Having just enough time to review the broad strokes of the CFPB’s announcement immediately before taking the stage, Stork said that he is supportive of certain recent efforts by the bureau, including caps to overdraft fees on credit card purchases. “As a consumer, I applaud those kinds of measures,” he said. “I haven’t read all [...]read moreCHLA president addresses various consumer protection measures

Ginnie Mae expands its monthly single-family reporting

April 20, 2024 mpsingh No Comments Real estate expands, Ginnie, Ginnie Mae, Mae, monthly, Mortgage-Backed Security, Reporting, SingleFamily

Ginnie Mae unveiled a significant revision on Wednesday to its monthly single-family reporting protocols. The government mortgage bond guarantor incorporated expanded its payment default status (PDS) reporting, including loan default information, any mitigation actions taken and the timing of these actions. The agency said that this move underscores its commitment to vigilant monitoring of delinquent [...]read moreGinnie Mae expands its monthly single-family reporting

Ginnie Mae denies majority of complaint in Texas Capital Bank lawsuit

April 20, 2024 mpsingh No Comments Real estate bank, Capital, complaint, denies, Ginnie, Ginnie Mae, HMBS, lawsuit, Mae, majority, Texas

Ginnie Mae has filed a point-by-point response to the initial complaint of the case brought against it by Texas Capital Bank (TCB), which alleges that the government-owned company “extinguished, in return for no consideration, TCB’s first priority lien on tens of millions of dollars in collateral” stemming from the Federal Housing Administration (FHA)-sponsored Home Equity [...]read moreGinnie Mae denies majority of complaint in Texas Capital Bank lawsuit

Ginnie Mae President Alanna McCargo to resign

April 19, 2024 mpsingh No Comments Real estate Alanna, Featured Homepage, Ginnie, Ginnie Mae, HUD, Mae, McCargo, president, resign

Ginnie Mae President Alanna McCargo is resigning from her position at the government-owned company effective May 3, according to an announcement issued Friday by the U.S. Department of Housing and Urban Development (HUD). Ginnie Mae principal executive vice president Sam Valverde will serve as acting president of the company upon her departure. “The past 3.5 [...]read moreGinnie Mae President Alanna McCargo to resign

Former Ginnie Mae president reacts to lawmaker’s reverse mortgage securities letter

April 18, 2024 mpsingh No Comments Real estate Congress, Ginnie, Ginnie Mae, HECM, HMBS, Lawmakers, Letter, Mae, Mortgage, president, Reacts, Reverse, securities

Following the submission of a letter by Indiana Sen. Mike Braun (R) to Ginnie Mae President Alanna McCargo about concerns related to the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program, McCargo’s predecessor, Ted Tozer, hopes the senator will dive deeper into the program’s mechanics and what led to the collapse of Reverse Mortgage Funding [...]read moreFormer Ginnie Mae president reacts to lawmaker’s reverse mortgage securities letter