Within two weeks, the government guarantor will roll out a Pass-Through Assistance Program (PTAP) whereby issuers with a principal and interest shortfall may request that Ginnie advance the difference between available funds and the scheduled payment to investors.
Those 21 states accounted for $919.3 billion of single-family business funneled through Fannie Mae, Freddie Mac and Ginnie Mae into mortgage-backed securities issued in 2019.
Actions by the Fed to help the mortgage market haven't don't much for non-agency MBS. Issuance ground to a halt and a number of lenders suspended production.
Consultant Paul Hindman, who heads Grid Financial, said he knows of one lender who recently sent 1,000 workers home “with new equipment.” He did not identify the shop by name.