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Transparency, Revisions Set at Ginnie Mae
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January 26, 2009
Ginnie Mae is evaluating and revising procedures related to the packaging of mortgage loans into securities to help prevent fraud-infested bonds. The agency is considering the use of automated tools to increase its efficiency, according to its president Joseph Murin who said they are preparing to be the last line of defense.
To improve demand for its security the agency is seeking to provide investors with full disclosure regarding delinquency and foreclosure information. Rules involving buyouts of delinquent loans are also being revised. They no long allow the repooling of loans unless the borrowers are current as opposed to 60 days or less late.
The agency is also planning to offer data on the characteristics of loans at the time they are pooled and put into bonds, rather than after they have begun trading.
Read story at Bloomberg News
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