The trade group is backing a three-step loss-mitigation waterfall suggested by a former Ginnie president that would not require an actual buyout of the loan or an increase in the note rate.
The new standards are a result of a collaboration between Ginnie and the Federal Housing Finance Agency to align rules for their counterparties. Most of the new standards take effect Sept. 30, 2023.
HUD wants to increase its outreach to community development financial institutions through more frequent training webinars tailored to teaching them how to join the FHA program.
Seeking to further advance the Biden’s administration housing agenda, the White House’s proposed budget allocation includes $11.6 billion more for HUD in fiscal year 2023.
Ginnie Mae’s cash holdings increased in fiscal year 2021, marking the sixth consecutive year of growth. The agency, which is largely operated by contractors, said it has adequate capital to withstand a downturn in the housing market.
In its fiscal 2021 annual report, Ginnie Mae updated investors on moving its staff to work from home during the pandemic and how it can mitigate future risks through its environmental, social and governance efforts.
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