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.
Department of Housing and Urban Development Secretary Marcia Fudge called on Congress to increase housing supply through preservation efforts, financing incentives and other means.
The imposition of a fair-access requirement in the guidance could turn out to be a controversial issue. The Department of Financial Services has not determined an implementation deadline, though.
Changes to the Ginnie Mae program were included among 35 priority recommendations for fiscal 2024 from the Department of Housing and Urban Development’s Office of Inspector General.
Ginnie Mae continues efforts to provide smaller financial institutions greater access to its securitization platform, Principal Executive Vice President Sam Valverde said last month.
Industry participants are asking Congress to fully fund the salary and expense requests for both FHA and Ginnie Mae during the fiscal 2024 budget appropriations reconciliation.