Ginnie Mae has recently issued Memorandum 05-15 "Forbearance for Loans in Areas Declared a Disaster by President Bush Due to Severe Damage caused by Hurricane Katrina"

This Memorandum encourages all Ginnie Mae issuers to provide as much forbearance as possible to mortgagors in areas declared a disaster by President Bush in Alabama, Mississippi, Louisiana and Florida.

Some points of interest include

• Ginnie Mae will assist issuers with pass-throughs if the issuer has more than 5% of its Ginnie Mae loan portfolio in the affected areas.
•  Ginnie Mae should be asked to provide assistance only as a last resort.

To view the full Document please click on the link below

Ginnie Mae Memorandum 05-15

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