Ginnie Mae boots lenders off RMBS shelf in vet loan churn crackdown

The Government National Mortgage Association (Ginnie Mae) has barred three non-bank lenders from contributing home loans made to military veterans to its multi-issuer mortgage-backed securities because of concerns over rapid loan refinancing at the firms, writes Alexander Saeedy.

  • By Alexander Saeedy
  • 04 Jun 2018
Ginnie Mae has restricted Freedom Mortgage Corporation, SunWest Mortgage Company and NewDay USA from contributing the loans, known as VA Home Loans as they are part guaranteed by the US Department of Veterans Affairs (VA), to its main securities programmes. It is the latest step in the agency's ...

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