Ginnie Mae Announces New MBS Program For Manufactured Housing

Posted by Orb Staff on June 14, 2010 No Comments
Categories : Residential Mortgage

Mae President Theodore W. Tozer last week announced the agency's plans for a new mortgage-backed security (MBS) program targeting manufactured home loans. The program is designed to ‘provide for prudent risk management’ and was created in response to recent changes in the Federal Housing Administration's Title I Program for manufactured housing, Tozer wrote to Ginnie Mae program participants. Effective immediately, Ginnie Mae will accept applications for participation as issuers of MBS backed by new Title I manufactured-home loans (MH MBS). Issuers that are currently approved to issue manufactured-housing securities are required to re-apply in order to participate in the new program, Tozer wrote. The major change to the program, he explained, will be that all approved issuers will be required to maintain a minimum adjusted net worth of $10 million, as calculated in accordance with the HUD Audit Guide, plus 10% of the amount of MH MBS outstanding. Tozer's letter can be viewed in its entirety [link=http://www.ginniemae.gov/apm/apm_pdf/10-07.pdf]here[/link]. SOURCE: [link=http://www.ginniemae.gov/apm/apm_pdf/10-07.pdf]Ginnie Mae

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