Washington, D.C. – Ginnie Mae today published a summary of meetings it held with 13 of its largest issuers in early 2019 that covered a range of topics, including: operational state, key priorities, corporate structure, and an evaluation of how their business would fare in a stressed scenario. This series of meetings was completed in conjunction with Ginnie Mae’s efforts to evolve its counterparty risk framework. Ginnie Mae’s focus remains on ensuring that the largest participants in the program have the liquidity and necessary resources to operate through all economic cycles.
“The series of meetings were constructive and provided the agency with a better understanding of the current business landscape, possible risks that could arise in a time of stress and the level of contingency planning Issuers have undertaken in preparation for a potential economic slowdown,” said Maren Kasper, Acting President, Ginnie Mae. “This is likely the first of a regular exercise with the largest participants in the Ginnie Mae program.”
From a policy perspective, Ginnie Mae will be providing a thorough update in the Ginnie Mae 2020 progress report, which is expected to be released in early June 2019, ahead of the Ginnie Mae Summit.
About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae mortgage-backed securities (MBS) programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the HUD Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.