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Crime, Fraud, Waste, and Abuse
  • Recommendation Number: 2023-KC-0003-001-A
  • Status: Closed
  • Date Issued: March 28, 2023
  • Priority
Closed Date:
February 01, 2024

Update its policy and procedures to define its authority for marketing troubled issuer portfolios and the conditions that must exist to extinguish issuers using rapid relocation.

Publication Report

2023-KC-0003 | March 28, 2023

Opportunities Exist for Ginnie Mae To Improve Its Guidance and Process for Troubled Issuers

We identified gaps in Ginnie Mae’s guidance and process for troubled issuers.  Ginnie Mae made progress in developing an issuer default governance framework, but has not (1) defined its authorities for marketing troubled portfolios; (2) formalized… more

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Government National Mortgage Association

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    Update its policy and procedures to define what type of information Ginnie Mae may disclose and how it will handle protected information before extinguishment.

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    Update its Policies and procedures to define how Ginnie Mae will determine the portfolio value and price before Sale.

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    We believe these open recommendations, if implemented, will have the greatest impact on helping HUD achieve its mission to create strong, sustainable, inclusive communities and quality affordable homes for all.

    Update its policies and procedures to define how Ginnie Mae intends to identify and evaluate prospective buyers to ensure its ability to absorb the extinguished portfolio before executing the purchase and sale agreement.

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    Prescribes how the contracting officer representative will review information provided by the MSS and provide actionable feedback to ensure MSS readiness.