WASHINGTON, D.C. – Today, Ginnie Mae is amending its capital requirements for federally insured credit unions and state housing finance agencies (HFAs). Ginnie Mae recognizes that capital requirements imposed by federal prudential regulators strengthen our industry partners and satisfy our need for appropriately capitalized counterparties. Also, by exempting state HFAs from the capital requirements, Ginnie Mae is recognizing that the state sponsorship of these agencies enhances their counterparty standing.

“These changes to our institution-wide capital requirements accomplish two things – they harmonize our program requirements with standards enforced by other federal entities, and they better reflect the unique financial status of state housing agencies,” said Ginnie Mae President Alanna McCargo. “This is important because credit unions and state housing finance agencies play critical roles in supporting community-based lending, particularly in underserved areas.”

APM 22-08​ also addresses how Ginnie Mae’s capital standards consider delinquent loans that are eligible for repurchase but have not yet been bought out of Ginnie Mae MBS pools. Specifically, APM 22-08 explains that Total Assets do not include Ginnie Mae Loans Eligible for Repurchase when calculating an institution’s leverage ratio.

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 MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s 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.