Ginnie Mae's first strip security offering has come to market, a $2.2 billion Ginnie Mae II deal with a 5.5% coupon.The deal will be helpful to those who could previously hedge their Ginnie Mae servicing only with Fannie Mae and Freddie Mac principal-only strips, said Linda Lowell, a mortgage-backed securities researcher at RBS Greenwich Capital Markets. In addition, it will allow players in the interest-only strip market to diversify, she said. Goldman Sachs & Co. is the lead underwriter for the offering. Ginnie Mae can be found online at http://www.ginniemae.gov.
Processing Content
