Ginnie chief vows tougher scrutiny of issuers after IG’s criticism

Mortgage

Ginnie Mae pledged to vet issuers more thoroughly after a government watchdog criticized its exposure to risks posed by nonbanks.

A report by the Department of Housing and Urban Development’s inspector general took Ginnie to task for inadequate management of the growing number of nonbanks among its issuers. But banks and nonbanks alike will be watched more closely, said Michael Bright, the acting president of Ginnie.

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