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Former Ginnie Mae president applauds the development of new HMBS product

Housing Wire

Ted Tozer, former president of Ginnie Mae during the Obama administration and current president Alanna McCargo’s most recent Senate-confirmed predecessor, applauded the news that the company is looking into the development of a new Home Equity Conversion Mortgage (HECM)-backed Security (HMBS) product. That’s all it says.”

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Government requests more time in Ginnie Mae/TCB lawsuit

Housing Wire

government have requested an extension of deadlines related to discovery in the case brought by Texas Capital Bank (TCB) against Ginnie Mae over the extinguishment of a priority lien tied to the loan portfolio collateral of Reverse Mortgage Funding (RMF), according to court documents reviewed by HousingWire ’s Reverse Mortgage Daily (RMD).

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Treasury announces support to develop 26,000 affordable housing units

Housing Wire

Department of the Treasury ’s Community Development Financial Institutions (CDFI) Fund announced on Wednesday that it has awarded 48 organizations a total of $246.4 million to develop affordable housing and community facilities. territories including Guam and Puerto Rico.

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Analyst: HMBS 2.0 developments should benefit reverse mortgage industry

Housing Wire

Late last month, Ginnie Mae released a term sheet for one of the most anticipated new developments for the reverse mortgage industry — a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product referred to as “ HMBS 2.0.” To get a better idea of the potential impact that HMBS 2.0

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Movement to pay $24M to settle underwriting government loans fraud case

Housing Wire

Like its peers, Movement has the authority to originate and underwrite loans without first having the government review them. If the borrowers default, they may submit a claim to the government for certain losses. The company also confirmed that it failed to adhere to the government’s self-reporting requirements.

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US government to sell off $13B of mortgage bonds from failed banks Signature and SVB

Housing Wire

government is seeking to sell $13 billion worth of mortgage bonds amassed after the failures of both Silicon Valley Bank (SVB) and Signature Bank earlier this year. The bonds are secured by “long-term, low-rate” loans made primarily to developers of low-income multifamily apartment complexes.

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Ginnie Mae report illustrates portfolio growth, direct contribution to government earnings

Housing Wire

Government-owned company Ginnie Mae , which oversees the secondary mortgage market and provides a guarantee for a large segment of home loans, released a fiscal year 2024 financial report this week that shows positive results. Government. governments balance sheet and, by extension, U.S. This performance generated $3.1