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Optimal Blue Releases myLender

National Mortgage Professional
Apr 14, 2009

Ginnie Mae announces record multifamily issuance: Ginnie Mae guarantees $756 million multifamily securityMortgagePress.comGinnie Mae, Joseph Murin, FHA, HUD The Government National Mortgage Association (Ginnie Mae) has disclosed that it guaranteed its largest-ever multifamily construction loan issued by Prudential Huntoon Paige to help build Capital Health System (CHS), a state-of-the-art medical services facility in Trenton, New Jersey. The $756 million Ginnie Mae multifamily mortgage-backed security (MBS) is backed by the full faith and credit of the United States Government. "Recent events in the housing market and economy have created devastating consequences for not only homeowners but communities as well," said Joseph Murin, Ginnie Mae president. "This project will provide vital healthcare services to the Trenton community, and Ginnie Mae is proud to support this exciting project." The CHS construction project, which falls under the Federal Housing Administration's (FHA) Section 242 Hospital Mortgage Insurance program, is expected to create more than 4,700 full-time jobs and provide economic stimulus during the construction phase. Once completed, the project will support an estimated 2,200 jobs in the hospital and surrounding community. Ginnie Mae's multifamily MBS programs assist approved issuers in securitizing project and construction loans. In Fiscal Year 2008, the corporation guaranteed $5.2 billion in multifamily MBS, and guaranteed an estimated $2.6 billion in the first six months of FY 2009. "We are delighted to have been part of this historic transaction, which will provide the residents of the greater Mercer County region with vital medical services," said Marie Head, managing director, Prudential Huntoon Paige. "Ginnie Mae participation in this loan is another extraordinary example of their commitment and we look forward to working with them on future opportunities." For the last 40 years, the industry has turned to the safety and security of Ginnie Mae MBS because its securities carry the full faith and credit backing of the United States Government. Ginnie Mae has provided affordable housing opportunities for more than 30 million households by securing government-insured or -guaranteed loans to FHA, the Department of Veterans Affairs, the Department of Agriculture's Rural Development program, and the Department of Housing and Urban Development's Office of Public and Indian Housing. For more information, visit www.ginniemae.gov.
Published
Apr 14, 2009
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