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Ginnie Ready to Guaranty Excess Servicing Security.
Ginnie Mae is preparing to guarantee its first excess yield security in December so that servicers can sell or hold excess servicing in the form of an interest-only strip.
"We do have some interest from large issuers," according to Ginnie Mae's new executive vice president Michael Frenz. Mr. Frenz previously served as vice president for capital markets.
Ginnie Mae completed its first stripped mortgage-backed securities deal in July, when Goldman Sachs, the lead underwriter, created interest-only and principal-only securities.
Wall Street has been reluctant to do another IO/PO deal, Mr. Frenz said in an interview, because MBS are expensive and there is little demand for IOs because of higher-than-normal prepayment speeds.
But he said, "It shouldn't hurt the excess servicing deals." He indicated that the issuer/servicers are expected to hold the IOs on their balance sheets. "I am not anticipating that these are going to be sold right away." He noted that there are capital advantages to holding a security.
Mr. Frenz is succeeding George Anderson as EVP. Mr. Anderson, a 25-year veteran at the secondary market agency, will continue to serve as a senior advisor to the Ginnie Mae president, working on developing mortgage markets in emerging economies.
Meanwhile, Ginnie president Ronald Rosenfeld ...
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Source: HighBeam Research, Ginnie Ready to Guaranty Excess Servicing Security.