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FHA and Ginnie Mae redux - Old government programs remembered

The FHA has been around for many years, but during the heyday of subprime lending it was essentially forgotten. Nobody seemed to worry about security, guarantees or insurance a few years ago. The FHA has always been a refinancing option for borrowers, particularly subprime borrowers. Because it pays the lender if the mortgage borrower defaults, it can provide protection and stability to lenders.

I wrote earlier in this blog about the problems caused by residential mortgage backed securities. Greater use of Ginnie Mae can provide stability for those bonds because Ginnie Mae guarantees mortgage backed securities. Investors in those instruments may not get the returns they got from high-risk subprime securities, but at least they don't have to worry about default. Ginnie Mae securities, combined with FHA loans, may provide a solution to today's mortgage credit crunch.

Posted by Ralphmcd3 on Tue, 09/18/2007 - 08:54

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