Representatives from the U.S. Department of Housing and Urban Development and Ginnie Mae convened at the second annual Ginnie Mae Summit on Monday to discuss initiatives and programs designed to create a healthy housing market. HUD secretary Julián Castro delivered the keynote address, and Ginnie Mae president Ted Tozer announced his organization's planned initiatives to meet the needs of a housing finance industry that is constantly evolving and a mortgage market that is ever-changing.
Tozer's announcements indicate that Ginnie Mae is changing its policies and procedures as part of an ongoing effort to adapt to changes in the housing industry, preserve the integrity of its mortgage-backed securities program, reduce risk, and better manage resources. Tozer told the audience at the summit that "the retreat of traditional depository banks from mortgage lending and servicing is transforming the housing industry."
In an effort to sign more eligible homeowners up for the Home Affordable Refinance Program, the Federal Housing Finance Agency is holding its third HARP outreach event on October 2 in Detroit. The purpose of the event will be to educate eligible homeowners on the benefits of refinancing through HARP and provide community leaders with resources to reach those eligible. The government estimates that nearly 28,000 homeowners in the Detroit area could reduce their mortgage payments by as much as $1,800 a year as a result of a HARP refinance.