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Problem FHA, VA Loans Get New Life.(Brief Article)
A fast growing niche in the mortgage securities market is a byproduct of falling interest rates and the high default rate in government-guaranteed loan programs.
According to Moody's Investors Service, loans backed by the Federal Housing Administration and the Department of Veterans Affairs that have been re-purchased from Ginnie Mae pools because of defaults or serious delinquencies are now being re-securitized in record numbers.
Ginnie Mae allows the loan servicer the option of purchasing a delinquent loan out of a Ginnie Mae pool in most cases at par plus accrued interest. The option is designed to give the servicer more flexibility to work with the delinquent borrower.
But falling interest rates have given lenders a huge incentive to repurchase the loans. Declining interest rates allow the lender to acquire a guaranteed loan with an interest rate that is usually ...
- Ginnie Mae Remics seen bringing tiny price cut on FHA, VA loans. (Government...
- Magazine article from: American Banker Prakash, Snigdha August 23, 1993 700+ words
WASHINGTON -- Lenders expect Ginnie Mae's proposed Remic program to slightly...said Mr. Philips. New Authority Ginnie Mae securities are pools of loans insured...Mac have also issued Remics made up of Ginnie Mae securities. "What Remic allows you...
- Ginnie Mae to Back Higher VA Home Loans.
- Press release article from: PR Newswire December 13, 2001 700+ words
...will allow lenders to use the Ginnie Mae program for these loans and...Martinez said. "Higher Ginnie Mae loan limits for VA loans will help continue to push the...425 on a $300,700 loan. Ginnie Mae last raised the ceiling in October...
- Uncle Sam's mortgage dynamo: Ginnie Mae has more than $500 billion in...
- Magazine article from: US Banker Fogarty, Mark January 1, 1997 700+ words
...private firms into the mix. Ginnie Mae's client mortgage firms...government seal of approval. Ginnie Mae is the middleman between Main...credits make up about 65% of Ginnie Mae's total loan pool, with VA loans accounting for the remaining...
- Ginnie Mae: a tale of two entities; The plummeting market share of Ginnie Mae...
- Magazine article from: Mortgage Banking Willis-Boyland, Anita April 1, 2005 700+ words
...was in its infancy when Ginnie Mae first began pooling government...loan types packaged into Ginnie Mae securities are: Department of Veterans Affairs (VA) loans and Rural Housing Service...booming in FHA loans, Ginnie Mae issuance volume also...
- The secondary market. (VA no-bids and Ginnie Mae) (column)
- Magazine article from: Mortgage Banking Allen-Malzahn, Deborah February 1, 1990 700+ words
...limit the inclusion of loans in Ginnie Mae pools. Ginnie Mae officials are concerned, however, that VA loans carry a greater risk of loss than FHA loans. Ginnie Mae's fears are based in part on...
- Countrywide, Norwest led in Ginnie Mae issuance in first half. (mortgage...
- Magazine article from: American Banker July 26, 1995 700+ words
...last year in third place among Ginnie Mae issuers, pushed aside Norwest...ranked first among issuers of Ginnie Mae securities backed by VA loans. Prudential Home Mortgage...place with $1.6 billion in Ginnie Mae issuances. Last year, the...
- Ginnie Mae President Pushing a New Security. (Kevin G. Chavers)
- Magazine article from: American Banker Talley, Karen August 12, 1997 700+ words
...taking such an interest. Indeed, Ginnie Mae and Wall Street have a tight...investment conduit-structure that Ginnie Mae has traditionally used to package FHA and VA loans. He said Ginnie Mae would help forge the market for...
- Ginnie Mae removes VA mortgage loan limit.(Veterans Affairs)(Government...
- Magazine article from: Mortgage Banking October 1, 2007 700+ words
...executive vice president of Ginnie Mae. "We expect this change will...encouraging lenders to make more VA loans," said Frenz. For example...California, less than 1 percent of the VA loans in the Ginnie Mae securities portfolio issued during...