Sep

27

FHASecure Already Facing Serious Challenges

Filed Under Mortgage News 
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Bond market traders don’t want the new FHASecure mortgages for subprime borrowers placed in Ginnie Mae I mortgage backed securities, so Ginnie officials are considering using customized pools with multiple issuers.

Ginnie Mae officials are expected to make an announcement this week, sources say.

The Federal Housing Administration estimates that the new FHASecure program could help 60,000 subprime borrowers that are delinquent because of the reset of their mortgage to avoid foreclosure. But bond traders expect investors to react negatively, so they are urging Ginnie officials to look for alternatives, such as limiting FHASecure loans to 5% or 10% of a Ginnie Mae II pool.

Meanwhile, FHA issuers are divided on the issue and many are skeptical that the FHA will achieve anything near the loan volume it expects.


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