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.
