Former Ginnie Mae President Alanna McCargo joins FHLB San Francisco; industry and consumer groups support VA supplemental rulemaking on IRRRL program; VA drafting rule on ARMs.
HUD finalizes rule on interested party contributions for FHA HECM for purchase program; Ginnie announces payment default status dataset; federal jury convicts FHA borrower of fraud; and more news briefs.
CHLA endorses House Resolution 612 to protect veterans benefits; VA finalizes rule updating loss-mitigation terminology; VA adopts a no cash, no check policy; Ginnie adds low- to moderate-income data disclosures related to its home equity conversion mortgage MBS program; HUD to hold vacant home sale related to its HECM program.
A district court judge threw out parts of a lawsuit against Ginnie Mae for canceling Texas Capital Bank’s first-priority lien on a loan portfolio of Reverse Mortgage Funding but allowed a key challenge to go ahead.
Ginnie Mae is evaluating a new security backed by FHA home equity conversion loans that have reached balances above 98% of their maximum claim amounts.
Ginnie Mae is exploring a new reverse MBS to provide a new form of liquidity to issuers with home equity conversion mortgages above the 98% maximum claim amount.
The federal government last week filed a motion to dismiss a lawsuit by Texas Capital Bank against Ginnie Mae for eliminating TCB’s interest in the home equity conversion mortgages of bankrupt Reverse Mortgage Funding.