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Articles by Sam Valverde
The GSEs Are Making Bold Moves to Support the Housing System and Taking on New Risks to Do It
Fannie Mae and Freddie Mac have been taking big swings to support the housing system at the direction of their conservator, FHFA Director Bill Pulte. We are facing a uniquely challenging time in housing finance and lenders are staring down the barrel of an escalating interest rate environment, after persevering through already elevated mortgage rates since 2022. In this environment, it makes sense for housing policymakers to work aggressively to support borrowers and lenders.
A Fiscal Challenge in the Form of Rising Rates
By Sam Valverde, a nonresident fellow in the Housing Finance Policy Center at the Urban Institute When people ask when fiscal concerns turn into a fiscal crisis, I usually start by resetting expectations. I don’t think we’re heading toward anything like what other nations or jurisdictions have experienced in terms of debt crises.
We are not ready for the next housing downturn
The pandemic wrought financial havoc across the economy, but its impact on the housing market was significantly reduced due to a whole-of-government response that enabled millions of families to stay in their homes. The rapid deployment of forbearance, the ability to pause mortgage payments and a slew of new options to modify distressed mortgages provided critical support to households that prevented a deep and lasting housing recession.
The Uniform Mortgage Backed Security Initiative Can Survive the End of GSE Conservatorship
On June 3, 2019, the Federal Housing Finance Agency (FHFA) and Fannie Mae and Freddie Mac launched the Uniform Mortgage-Backed Security (UMBS) initiative. The initiative was designed to remedy a long-standing imbalance between the capital markets executions of Fannie Mae and Freddie Mac, which cost Freddie Mac approximately $500 million each year. The UMBS Initiative proved successful, resulting in a single, more liquid, secondary market for each of the GSEs’ securities.
Revisiting "Serving the Latino Community Benefits All of Us"
As Hispanic Heritage Month concludes, I would like to take a moment to revisit a key theme I highlighted during my first year at Ginnie Mae: supporting Latino homeownership benefits not only the Latino community but all Americans as well. Housing plays a crucial and outsized role in our national economy, and addressing the housing needs of the Latino population fosters stability and growth across this vital sector.
National Homeownership Month at Ginnie Mae
This month, we celebrate the 22nd annual National Homeownership Month, a milestone recognized by a . As highlighted in the HUD statement, homeownership isn’t just a cornerstone of the “American dream;” it also provides stability and financial security and serves as the primary avenue for building generational wealth.
Taking a closer look at recent prepayment activity
For over 50 years, Ginnie Mae has worked to make affordable home financing a reality for millions of low-to-moderate income Americans, veterans, rural and tribal households, and more by ensuring that mortgage lenders can easily access funds to lend to borrowers. Ginnie Mae does this by guaranteeing the timely payment of principal and interest to investors who purchase Ginnie Mae mortgage-backed securities.
Ginnie Mae is Green on Earth Day and Every Day
As Ginnie Mae’s charter outlines and evidenced by its daily work—and the work it has done for the past 55 years—Ginnie Mae exists as a social impact organization. Ginnie Mae takes pride in enabling a more equitable and affordable housing finance market. Our efforts are not limited to supporting homeownership goals for all Americans. They also incorporate initiatives designed to support creating sustainable housing. These initiatives simultaneously benefit the environment and appeal to investors.
Who Is Ginnie Mae Serving? Providing Access to Homeownership With FHA
For the past 55 years, Ginnie Mae has connected the US housing market to global capital in order to make the production of affordable housing and affordable homeownership a reality for millions of Americans. Since its inception in August 1968, Ginnie Mae has guaranteed approximately $9.8 trillion in mortgage-backed securities (MBS) in total, and currently has over $2.45 trillion in outstanding guaranteed unpaid principal balance.
Enhanced Disclosures Can Drive Progress Towards Meeting the Needs of Future Homeowners
Last week, Ginnie Mae launched a new set of disclosures that will provide critical information to investors and other market participants about who our program serves. This pool level data set confirms that every single-family Mortgage-Backed Security (MBS) we guaranty has a significant and measurable impact on the lives of many lower-income households who achieve homeownership through government lending.
Celebrating Hispanic Heritage Month at Ginnie Mae
As Hispanic Heritage month begins, Ginnie Mae is taking the opportunity to highlight its impact on the Latino community and the contributions and experiences of its Latino staff. Ginnie Mae is committed to serving all Americans equitably and its record serving the Latino community reflects that commitment. Last year, Ginnie Mae, through the FHA program, supported more than 220,000 Latino households in homeownership.
Housing Finance Reform: Regulatory Oversight for a Stronger Secondary Mortgage Market
This blog post is the third in a Treasury Department series of issue briefs on reforming the housing finance system. Our first two briefs discussed the need for housing finance reform to provide access to affordable housing for all Americans and promote sustainable mortgage lending across the U.S. economy’s ups and downs.
Housing Finance Reform: Preserving Access to Mortgage Credit in Good Times and Bad
This blog post is the second in a Treasury Department series on reforming the housing finance system. Our first brief discussed the need for housing finance reform to provide access to affordable housing for all Americans. This second brief examines the need to preserve access to mortgage credit through the U.S. economy’s ups and downs.
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