HUD issues Mortgagee Letter regarding Project Lifeline, FHA foreclosure timeframes

Ginnie Mae MBS issuance reaches $24 billion: Government corporation continues to provide stability to the marketMortgagePress.comGinnie Mae, Government National Mortgage Association, Mortgage-Backed Securities, MBS, Joseph J. Murin The Government National Mortgage Association (Ginnie Mae) has announced that issuances for its Mortgage-Backed Securities (MBS) program hit $24 billion in December 2008. For calendar year 2008, Ginnie Mae MBS issuances stand near $270 billion, compared to $97 billion for calendar year 2007. While California led in this month's issuance, the total issuance of $24 billion was comprised of: • $6.1 billion from the West • $4.2 billion from the Midwest • $5.1 billion from the Mid-Atlantic • $7.5 billion from the South • $1.1 billion from the Southwest "Even during tough economic times, consumers need mortgages, lenders need liquidity for those mortgages and investors need a safe harbor for their investments," said Joseph J. Murin, president of Ginnie Mae. "Ginnie Mae is proud to be that safe harbor. We are continuing to do our part to help rebuild the housing market and housing finance industry that is so vital to our nation's economy." For more information, visit www.ginniemae.gov.