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Doing Business with Ginnie Mae

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Eligibility Requirements

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.

Last Modified: 1/14/2013 4:50 PM