Ginnie Mae guaranteed and issued its first real estate mortgage investment conduit (REMIC) composed of Bank of America (BofA) (BAC) reverse mortgage securitizations late last year, a spokesperson tells HousingWire. The REMIC, worth $130.9m, holds home equity conversion mortgage-backed securities (HECM MBS or HMBS), making it the first Ginnie REMIC based on reverse mortgages. Called Ginnie Mae REMIC Trust 2009-H01, it bears Ginnie's timely payment guarantee, which is backed by the full faith and credit of the US. The reverse mortgages underlying the MBS were originated by BofA. Banc of America Securities sponsors the HMBS, and Loop Capital Markets acts as co-sponsor of the trust. The trust's two asset classes, called FA and FI, bear initial interest rates of 1.4% and 1.786%, respectively, according to an Offering Circular Supplement acquired by HousingWire (download here). Write to Diana Golobay. The author holds no relevant investment positions.