For Homeowners, ‘Historically Affordable’ MBS Remain Source of Capital

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: A Look Inside Fannie Mae’s Servicer Toolkit Next: The Limits of the ‘FEMA Hold’ Moratorium Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb 2021-03-08 Christina Hughes Babb  Print This Post Home / Daily Dose / For Homeowners, ‘Historically Affordable’ MBS Remain Source of Capital Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Ginnie Mae on Tuesday announced that mortgage-backed securities (MBS) remain “historically affordable.” The corporation’s MBS program remains a continually “strong source of capital for America’s homeowners,” it said.Ginnie Mae, the wholly-owned government corporation that “attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country,” it said, reported via press release that its MBS issuance volume was $76.92 billion in February, down from the record $82.6 billion issued in January.According to Ginnie Mae, issuance is fueled by across-the-board demand for government-backed mortgages as consumers increase home refinance and home purchase volume during this period of historically low interest rates.The Department of Housing and Urban Development (HUD) has said that “the full faith and credit guarantee of the U.S. Government that Ginnie Mae places on mortgage-backed securities lowers the cost of, and maintains the supply of, mortgage financing for government-backed loans.”Approximately 274,787 homes and apartment units were financed by Ginnie Mae guaranteed MBS in February.“Traditional 30-year mortgage rates have increased in recent weeks, but remain historically affordable,” said Ginnie Mae Acting EVP, Michael Drayne. “Low mortgage rates combined with strong consumer demand for the mortgage programs of our federal insuring and guaranteeing partners continue to drive home purchase and mortgage refinancing, and fuel MBS issuance and investment.”A breakdown of February issuance of $76.92 billion includes $72.21 billion of Ginnie Mae II MBS and $4.71 billion of Ginnie Mae I MBS, which includes $4.61 billion of loans for multifamily housing.Ginnie Mae’s total outstanding principal balance as of February 28 was $2.11 trillion, flat with $2.11 trillion in January, and down slightly from the February 2020 level of $2.14 trillion.The following explains the two types of Ginne Mae MBS:Ginnie Mae I MBS are modified pass-through mortgage-backed securities for which registered holders receive separate principal and interest payments on each of their certificates. Ginnie Mae I securities can include single-family, multifamily, manufactured home, and project construction loans.Ginnie Mae II MBS are modified pass-through mortgage-backed securities for which registered holders receive an aggregate principal and interest payment from a central paying agent. An Issuer may participate in the Ginnie Mae II MBS either by issuing custom, single-Issuer pools or through participation in the issuance of multiple-Issuer pools, which combine loans with similar characteristics.For more information on monthly MBS issuance, UPB balance, REMIC monthly issuance and global market analysis visit Ginnie Mae Disclosure. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago March 8, 2021 1,033 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago For Homeowners, ‘Historically Affordable’ MBS Remain Source of Capital The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Pol Pitches Moving Election Day to Weekend

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A Long Island congressman wants to move Election Day to the weekend.A Long Island congressman wants to move Election Day to the first weekend in November to increase voter turnout, arguing Tuesday was chosen for its convenience to farmers nearly two centuries ago.Rep. Steve Israel (D-Dix Hills) has reintroduced his proposed Weekend Voting Act in each congressional session since 2008, but the bill has repeatedly died in committee. He revived his push ahead of an election in which voter turnout is expected to be especially low since no presidential or congressional contests are on the ballot.“Many eligible voters won’t exercise their right to vote due to the inconvenience of Election Day falling on a Tuesday,” Israel said. “By moving Election Day from a single day in the middle of the work week to a full weekend, we are encouraging more working Americans to participate.”Congress made Election Day the first Tuesday in November in 1845 because it was a designated “court day” in which land owners were conveniently in town conducting business, he noted.Joining the congressman in supporting the proposal were several New York State lawmakers and leaders of a nonprofit group dedicated to the cause called Why Tuesday?“It is disgraceful that the greatest democracy in the world ranks 138th out of 172 democracies in voter turnout,” said Ambassador Andrew Young, chairman of the board of Why Tuesday?Only 57.5 percent of eligible American voters cast their ballots last year and in New York, where there is no early voting, voter participation ranks 44th among the 50 states and the District of Columbia for voter participation, Israel said.The Weekend Voting Act would allow for national polls to be open from 10 a.m. Saturday to 6 p.m. Sunday in the 48 contiguous states, with elections officials deciding whether to keep polls open overnight. In New Zealand, where elections are held on Saturday, 86 percent of eligible voters turned out.“Our democracy will be best served when our leaders are elected by as many Americans as possible,” Israel said.last_img read more