|HUD No. 00-117|
|Further Information:||For Release|
|In the Washington, DC area: 202/708-0685||Friday|
|Or contact your local HUD office||May 26, 2000|
GINNIE MAE SAYS THERE WILL BE NO IMMEDIATE
TO MORTGAGE-BACKED SECURITY PROGRAM
WASHINGTON Ginnie Mae announced today that it has no immediate plans to modify either its Ginnie Mae I or Ginnie Mae II securities.
Ginnie Mae issued the announcement to clarify what was discussed in a May 23 conference call that The Bond Market Association hosted with Ginnie Mae, the Mortgage Bankers Association of America (MBA) and institutional investors. Numerous parties, including the MBA, have proposed changes to the Ginnie Mae securities to better accommodate odd coupon loans.
"The conference call resulted in a valuable exchange of ideas, and those ideas will now be assessed," Ginnie Mae Executive Vice President George S. Anderson said. "However, we have no current plans to make any changes to these securities."