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Related to GINNIE MAE: Fannie Mae, Ginnie Mae Funds
GINNIE MAEGovernment National Mortgage Association
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FIGURE 2 CHANGE IN COMPOSITION OF GINNIE MAE MBS ISSUER BASE FY 2010 Issuance Volume: $413 billion Non-Depositories 17.7% Depositories 82.3% FY 2014 YTD Issuance Volume: $222 billion * Non-Depositories 49.5% Depositories 50.5% SOURCE: Ginnie Mae NOTE: Ginnie Mae issuers are responsible for servicing the securities and the loans backing them; in the case an original Issuer sells servicing to another entity, the new entity takes on all obligations of the original issuer * FY 2014 year-to-date (YTD) includes October 2013-July 2014 issuance Note: Table made from pie chart.
Tozer said, "Ginnie Mae's primary goal has been, and always will be, to protect and preserve the utility, relevance and remarkably successful track record of the Ginnie Mae MBS [mortgage-backed securities] program."
For calendar year 2008, Ginnie Mae MBS issuances stand at $246 billion, compared to $81.6 billion for the first 11 months of 2007.
These liquidity issues have become more pressing because the nonbank sector is a larger part of the market than it was before the crisis, especially for loans with credit guarantees from the Federal Housing Administration (FHA) or Department of Veterans Affairs (VA) that are securitized in pools guaranteed by Ginnie Mae. As noted in 2015 by Ted Tozer, president of Ginnie Mae from 2010 to 2017, there is now considerable stress on Ginnie Mae's operations from its nonbank counterparties:
The linkage is via a little-publicized but exceptionally important agency, the Government National Mortgage Association, or Ginnie Mae. Ginnie connects individual homebuyers and refinancers using federal mortgage programs with deep-pocket investors around the world -- giant pension funds and banks, among others.
Ginnie Mae securities might be considered the "safe option" for retirement investing.
A California-based mortgage company and six former executives were charged by the SEC in a scheme to defraud investors in the sale of residential mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae).
* Ginnie Mae funding--MBA supports providing the full $23 million requested for Ginnie Mae's staffing, training and technology needs.
Ginnie Mae president Ted Tozer and China's vice minister of the Ministry of Land and Resources Wang Shiyuan met recently to share best practices on affordable housing financing policy and strategy.