Moderate Prepayment, Call Protection, New Disclosures Make FHA Low MIP Pools Attractive
June 29, 2012
Roughly 27 percent of outstanding Ginnie Mae MBS pools are eligible for the FHAs revised streamline refinancing program, which could translate to $36 billion in new annual Ginnie Mae issuance, according to a report from Barclays Research. Barclays analysts estimated that about $293.0 billion of Ginnie Maes $1 trillion-plus 30-year loan pools were originated before May 2009. About 79 percent of the collateral backing these pools are FHA loans, which suggests that as much as $232.0 billion could qualify...