Robert Couch, the newly sworn-in Ginnie Mae president, says the agency needs to do a better job of promoting Ginnie-guaranteed mortgage-backed securities to foreign investors.Fannie Mae and Freddie Mac have done a great job of tapping foreign capital markets, Mr. Couch told MortgageWire. "We need to get the message out that Ginnie MBS are the only ones that carry the full faith and credit of the U.S. government," he said. "That ought to be a strong message to foreign investors, particularly those looking for a safe investment." But the new Ginnie Mae president said his top priority is to actively support passage of Federal Housing Administration reform that would make FHA single-family loans more competitive and indirectly boost issuance of Ginnie MBS. Ginnie Mae and the FHA are "joined at the hip," Mr. Couch said. In recent years Ginnie MBS issuance has declined with the drop in FHA originations, but he noted that issuance has stabilized thanks to administrative changes that made the FHA program more attractive. Mr. Couch was president of New South Federal Savings Bank, Birmingham, Ala., and managing director of Collateral Mortgage, which originated FHA loans. He was chairman of the Mortgage Bankers Association from October 2003 to October 2004. Ginnie Mae can be found online at http://www.ginniemae.gov.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11