Ginnie Mae to disclose loss mitigation data on single-family pools
Ginnie Mae will begin issuing reports on how many mortgages have gone through the loss-mitigation process for securitization investors. Ginnie guarantees investors the timely payment of principal and interest on mortgage-backed securities containing federally insured loans, mainly through the Federal Housing Administration. According to a memo from Ginnie President Ted Tozer to all participants, the reports will disclose the number of loss-mitigation loans, unpaid principal balance and a ratio by dollar amount of these loans compared to all mortgages in the pool. The reports will break down the amount of purchase loans in the pool, which ones have been refinanced, how many have been modified through the Home Affordable Modification Program and how many have been modified through proprietary programs. Ginnie will also release a special disclosure file on prior issuance activity from May 2010 through October 2010. This will be a one-time report. In October, Ginnie began filing monthly disclosures to investors. Daily and weekly notices will begin in November and continue forward. Write to Jon Prior.