Housing and Urban Development Secretary Ben Carson told Congress it would cost approximately $500 million upfront to convert FHA’s archaic information technology systems to a modern technology platform.
Acting Ginnie Mae President Michael Bright: “If they don’t have money to make principal and interest payments to investors every 20th day of the month, then Ginnie MBS are in trouble.”
The firms that have been warned by Ginnie are: Cardinal Financial, Flagstar, Freedom Mortgage, JG Wentworth, loanDepot, Nations Lending, New Day Financial, SunWest Mortgage and Texas Capital Bank.