Comments on: Ginnie Mae has become a high volume subprime lender http://housingdoom.com/2009/08/11/ginnie-mae-has-become-a-high-volume-subprime-lender/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: Tobby http://housingdoom.com/2009/08/11/ginnie-mae-has-become-a-high-volume-subprime-lender/#comment-17133 Tobby Tue, 11 Aug 2009 14:59:35 +0000 http://housingdoom.com/?p=3729#comment-17133 Nothing really new here. Technically GNMA is guaranteed by the FHA (insurance) which, of course, is in turn backed by us taxpayers. The losses flow to FHA (and us)if/when these defaults escalate as expected in 2010. GNMA actually makes money above and beyond the discount paid to FHA for loans. Not enough to offset the expected losses, but a good 120 basis points on loans securitized. Nothing really new here. Technically GNMA is guaranteed by the FHA (insurance) which, of course, is in turn backed by us taxpayers. The losses flow to FHA (and us)if/when these defaults escalate as expected in 2010.

GNMA actually makes money above and beyond the discount paid to FHA for loans. Not enough to offset the expected losses, but a good 120 basis points on loans securitized.

]]> By: malthus http://housingdoom.com/2009/08/11/ginnie-mae-has-become-a-high-volume-subprime-lender/#comment-17132 malthus Tue, 11 Aug 2009 14:27:09 +0000 http://housingdoom.com/?p=3729#comment-17132 Oh goody. The politicians have crafted a new series for this season's political theater. Is it a comedy? "The Pinko Panther" Is it an adventure tale? "Gullible's Travels" Maybe it qualifies as a horror story. "Return of the Subprime Slime" Whatever the story line, we already know how it ends--don't we? Oh goody. The politicians have crafted a new series for this season’s political theater.

Is it a comedy? “The Pinko Panther”

Is it an adventure tale? “Gullible’s Travels”

Maybe it qualifies as a horror story. “Return of the Subprime Slime”

Whatever the story line, we already know how it ends–don’t we?

]]>