Items Tagged with 'Ginnie Mae'


Did whistleblower out First Mortgage's $7.5 million Ginnie Mae mortgage bond fraud?

The SEC wants to know, offers potential reward
The Securities and Exchange Commission is offering a reward to the whistleblower that revealed a scheme at First Mortgage Corporation that involved several of the company’s senior executives lying about the performance of the mortgages the company originated, re-securitizing them, and defrauding investors out of $7.5 million – if in fact there is one.
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Ginnie Mae announces new EVP and COO

Nancy Corsiglia brings 25 years of industry experience
Ginnie Mae hired Nancy Corsiglia as its new executive vice president and chief operating officer. Company president says why the company is “thrilled” to have her.
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Ginnie Mae president: This is why independent banks need more access to credit

Notes from the MBA Secondary conference
The search for innovative ways to raise capital was the number one topic during the president of Ginnie Mae’s many conversations at the MBA Secondary Conference. Independent mortgage bankers do a tremendous job in opening the credit box for many borrowers. But what will happen to that credit access in the future if these institutions cannot find a way to access additional capital?
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SEC fines First Mortgage $12.7M, bans 6 execs for defrauding Ginnie Mae investors

Claimed performing mortgages were delinquent, resold them into new pools
Several senior executives at First Mortgage Corporation lied about the performance of the mortgages the company originated so they could pull the mortgages out of mortgage-backed securities guaranteed by Ginnie Mae, then turn right back around and sell the mortgages back into new mortgage bonds, defrauding investors out of $7.5 million, the Securities and Exchange Commission said Tuesday.
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$4.7B Freddie Mac, Fannie Mae, Ginnie Mae bulk MSR portfolio hits market

Features low percentage of delinquencies
A bulk Freddie Mac, Fannie Mae and Ginnie Mae mortgage-servicing rights portfolio now on the market has two main selling points: its large and has a low percentage of delinquencies. The seller, which is a publicly traded bank, has previous MSR sale experience and originated most of the mortgages through its retail channel.
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Former president of Ginnie Mae: Agency should split from HUD

It's time to reconsider Ginnie Mae's role within HUD
Ginnie Mae would be considered a blue-chip institution in the private sector but is unable to plot its own budgetary course, which is a major impediment to growth and stability. Today, Ginnie is a success story. It has outgrown its role as a specialist supporting HUD and, instead, has ballooned to become a core industry driver. Something needs to change.
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From HW Magazine

Introducing credit risk-sharing to FHA loans

Addressing the split personality of credit risk-sharing in the mortgage market
The FHA finds itself in a delicate position of balancing public policy interests against actuarial soundness of its $1 trillion plus Mutual Mortgage Insurance Fund. These twin policy goals at times run counter to each other, occasionally spilling over into the conventional-conforming market via FHA premium changes that create market distortions and adverse selection problems for the FHA.
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Mortgage Partnership Finance, Ginnie Mae announce expanded loan program

Group of Federal Home Loan Banks now offer servicing-released mortgage sales
Together with Ginnie Mae, the Mortgage Partnership Finance Program, a group of Federal Home Loan Banks formed to sell fixed-rate mortgage loans into the secondary market, announced an expanded loan offering that will allow the program’s participants to execute a servicing-released mortgage sale to Ginnie Mae.
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