General World News

Former Ginnie Mae president applauds the development of new HMBS product

Ted Tozer, former president of Ginnie Mae during the Obama administration and current president Alanna McCargo’s most recent Senate-confirmed predecessor, applauded the news that the company is looking into the development of a new Home Equity Conversion Mortgage (HECM)-backed Security (HMBS) product.

Announced earlier this week as a part of a broader effort to introduce more liquidity into reverse mortgage-backed securities, the new product would enable the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement. The company is exploring the product development due to “continued liquidity constraints in the reverse mortgage details ⇒

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