Ginnie Mae is going ahead with a new program to guarantee pools of reverse mortgages insured by the Federal Housing Administration, known as home equity conversion mortgages, and create an accrual mortgage-backed security that will not have a payment schedule."We are confident the Ginnie Mae security will foster a robust secondary market for reverse mortgages," Ginnie President Robert Couch said at a news conference announcing the HECM MBS program. Ginnie Mae and its supporters say they expect the MBS program to increase the availability of HECMs and reduce origination costs to make the reverse mortgages a better deal for senior citizens. However, investors in the federally guaranteed HECM MBS will not receive payments of principal and interest until the borrowers leave their home or die, or the payouts on the HECM loan reach 98% of the claim amount. The Ginnie president added that his agency, as well as lenders and servicers, has to make "a lot of system changes" to issue HECM securities. It could take until next summer to do the first deal, he said. Ginnie Mae can be found online at http://www.ginniemae.gov.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3