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82 82 82 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal GINNIE MAE ISSUES REPORT ON VA LOAN HEALTH AND LIQUIDITY Ginnie Mae has issued its first comprehen- sive report on the secondary mortgage market liquidity of mortgages that are U.S. Department of Veterans Affairs (VA)-guaranteed and pooled by issuers into Ginnie Mae mortgage-backed se- curities (MBS). e report is in accordance with an Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 requirement and was delivered to Congress last month. "Ginnie Mae and the U.S. Department of Veterans Affairs have built a robust, resilient, and effective program to support homeowner- ship for veterans and active duty servicemem- bers," Ginnie Mae President Alanna McCargo said. "e VA liquidity report provides an in-depth look at the health and liquidity of the program over time, which is crucial to ensur- ing the mortgage benefit that our military has earned is available through all economic cycles." e Ginnie Mae MBS program is designed to provide liquidity and stability to support homeownership for veterans and active-duty personnel, particularly first-time homeowners. In Fiscal Year 2022, Ginnie Mae VA-backed MBS-guaranteed mortgages helped more than 204,000 veteran and active-duty households be- come first-time homebuyers. Driven by the pro- gram's success over the years, more than 727,000 first-time homeowners are in the Ginnie Mae portfolio, and the overall VA share of MBS issuance has experienced significant growth. According to the report, McCargo recom- mends the following actions: » Establishment of a formalized Ginnie Mae/VA working group to discuss market conditions and program issues. » Establishment of a task force including Ginnie Mae, the VA, and the Consumer Financial Protection Bureau (CFPB) to monitor and discuss business practices relating to VA lending. » Implementation of memoranda of understanding to facilitate information- sharing within these groups. "VA appreciates Ginnie Mae's efforts to review the liquidity of the VA Home Loan program," said John Bell III, Executive Director, Loan Guaranty Service, VA. "VA will contin- ue to work with GNMA to ensure VA home loans remain the product of choice for veterans in meeting their homebuying and refinancing needs."