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Contemporary Services launches new recruiting division

National Mortgage Professional
Jul 11, 2007

Ginnie Mae boosts America's affordable housingMortgagePress.commulti-family mortgage-backed securities, multi-family portfolio grew at double-digit rates Ginnie Mae announced that the multi-family mortgage-backed securities (MBS) program increased by 7.4 percent in 2006, from $35.3 billion to $37.8 billion marking the 13th year of growth in the organization's multi-family housing program. "At Ginnie Mae, we support affordable housing helping people achieve homeownership and helping to maintain a strong supply of affordable rental housing. Both are necessary if American families are to have safe, decent places to live," said Robert M. Couch, president of Ginnie Mae. "And we know that affordable rental housing is often the first step on the ladder to homeownership." The Ginnie Mae multi-family portfolio continues to show strong growth. Between 2002 and 2004, the multi-family portfolio grew at double-digit rates, peaking in 2004. Ginnie Mae's multi-family mortgage-backed securities programs permit approved issuers to securitize project and construction loans. Since 1971, Ginnie Mae has guaranteed more than $94 billion in multi-family mortgage-backed securities financing affordable multi-family housing units including apartment buildings, nursing homes and assisted-living facilities. As with other Ginnie Mae-guaranteed products, the guarantee of full and timely payments of principal and interest on Ginnie Mae project loan securities is backed by the full faith and credit of the United States. Recently, Ginnie Mae expanded the program to include rural housing multi-family properties (Section 538). However, FHA loans are still the primary component of the multi-family program. Nearly 98 percent of all eligible FHA multi-family loans are placed in Ginnie Mae securities. Ginnie Mae has continued to streamline the multi-family program, enhancing its efficiency as a securitization vehicle and making the program more attractive to investors. "Historically, Ginnie Mae has played an important role in providing opportunities in the multi-family housing market," said Ted Foster, senior vice president of mortgage-backed securities at Ginnie Mae. "By promoting access to mortgage credit and enhancing the liquidity of mortgage investment, Ginnie Mae has increased the availability of affordable rental housing for millions of Americans." For more information, visit">.
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