Multiclass Program Participation

A participant must meet the following requirements:

• Sponsor:

• Apply and be approved.

• Demonstrate to Ginnie Mae's satisfaction its capacity to accumulate the eligible assets needed for a proposed structured securities issuance.

• Have at least $250 million in shareholders' equity or partners' capital, evidenced by the sponsor's most recent audited financial statements, which must have been issued within the preceding 12 months.

• Be in good standing with and have been responsible for​ at least one structured securities transaction with Fannie Mae or Freddie Mac, or have demonstrated to Ginnie Mae's satisfaction its capability to do so.

• Represent the structural integrity of the proposed issuance under all cash flow scenarios and demonstrate to Ginnie Mae's satisfaction its ability to indemnify Ginnie Mae for a breach of this representation.

• Comply, and obtain compliance from the participants with Ginnie Mae policies regarding participation by minority and/or women-owned businesses.

• Trustee:

• A trustee is selected by the sponsor from the list of eligible trustees. At present, the following entities are eligible to serve as trustee:

• Bank of New York

• U.S. Bank National Trust Association

• Wells Fargo Bank

A co-sponsor must submit an application and a certification as to its status as a minority and/or women-owned business.

• Trust Counsel:

• Trust counsel are selected by the sponsor and must provide opinions acceptable to Ginnie Mae and upon which Ginnie Mae may rely; and comply with Ginnie Mae's policies regarding participation by minority and/or women-owned law firms.

• Accountants:

• Accountants are selected by the sponsor and must provide agreed-upon procedures letters acceptable to Ginnie Mae and upon which Ginnie Mae may rely; and comply with Ginnie Mae's policies regarding participation by minority and/or women-owned businesses.

For additional information on participating in the Ginnie Mae Multiclass Securities Program, please review the Ginnie Mae Multiclass Securities Guide or contact the Office of Capital Markets at 202-401-8970.

A participant in the Ginnie Mae Multiclass Securities Program must comply with the following requirements:

• Certification. A participant must complete the certification and agreement set out in the Ginnie Mae Multiclass Securities Guide Part 1.

• Compliance with Ginnie Mae Multiclass Securities Guide. By completing a Ginnie Mae Multiclass Securities Program transaction, a participant is deemed to have complied with the Ginnie Mae Multiclass Securities Guide in effect as of the date that the Ginnie Mae Guaranty is placed on the securities.​

• Material changes in status. A participant must report material adverse changes in status, including voluntary and non-voluntary terminations, defaults, fines, and findings of material non-conformance with rules and policies of state and federal agencies and federal government-sponsored enterprises.

• Integrity. A participant must conduct its business operations in accordance with industry practices, ethics and standards, and maintain its books and records in an appropriate manner, as determined by Ginnie Mae.

Applications and Participant Certifications submitted for participation as Sponsors and Co-Sponsors have been reviewed and approved. Sponsors and Co-Sponsors are listed below. In addition, Ginnie Mae has obtained Participant Certifications and Agreements from accounting firms and law firms which are interested in participating in the Ginnie Mae Multiclass Securities Program. 

The names of these firms are listed below. Ginnie Mae makes no representations regarding the ability or expertise of the accounting firms, law firms or any other participant. Ginnie Mae has no liability for the acts or omissions of any participant.

Multifamily Sponsors
​Firm	​Contact Name	​Phone
​Amherst Pierpont Securities, LLC	​Adam Broman	​646-776-7700
​Barclays Capital, Inc.	​Luke Adovasio	​212-526-5248
​Citigroup Global Markets, Inc.​	​Yuan Yang	212-723-4665
​Credit Suisse Securities, LLC	​Karen Cady	​212-325-4240
​Deutsche Bank Securities, Inc.	Arnie Zhou​	​212-250-8898
​Goldman, Sachs & Co.	​John McGrath	​212-902-2927
​Jefferies, LLC	​Joseph Accurso	​203-708-5910
​J.P. Morgan Securities, Inc.	​Kenneth Griggs	​212-834-3813
​Merrill Lynch, Pierce, Fenner & Smith Inc.	​Jay Park	​646-855-6790
​Mizuho Securities USA, Inc.	​Ray Lafontant	​212-205-7598
​Nomura Securities International, Inc.	​Christina McCarthy	​212-667-2280
​PNC Capital Markets, LLC	​Abi Tobun	​212-210-9979

Accountants
​Firm	​Contact Name	​Phone
​Deloitte & Touche	​James Cahalan	​212-436-2854
​Ernst & Young	​John Banu	​212-773-1197
​KPMG, LLP	​Pedro Goitia	703-286-8140