Ginnie Mae Buyouts Accounted for Significant Share of Lender Repurchase Activity in 2009
March 25, 2010
Many mortgage bankers significantly stepped up their repurchases of defaulted FHA and VA loans from Ginnie Mae mortgage-backed securities last year, a voluntary tactic to boost income and minimize servicing expenses. As of the end of 2009, commercial banks held some $50.01 billion of “rebooked” Ginnie Mae mortgages on their balance sheet, according to the... [Includes one chart]