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58 I N D U S T R Y I N S I G H T / A L L E N H . J O N E S GINNIE MAE WEIGHS IN ON THE IMPLICATIONS OF A TRANSFORMING MARKETPLACE With a growing portfolio of $1.5 trillion and on pace to surpass Freddie Mac in MBS volume, Ginnie Mae brought together its constituents at an Issuer Summit in September near its Washington, D.C., headquarters. e two-day event assembled more than 600 stakeholders, including issuers, document custodians, other federal agencies, and interested parties. e target audience was clearly identified and in attendance. Ginnie Mae has become a key ingredient in any discussion on the future state of housing finance and the government role. As the only secondary mortgage market participant with the explicit backing of the United States government, Ginnie Mae leverages a single securitization platform and boasts clarity and continuity for the TBA market and the future of the 30-year fixed-rate mortgage. Ginnie Mae's standing in propping up the U.S. housing market through the Great Recession by infusing liquidity and global capital is without question a testament to the enduring success of its business model. Gathering business partners to discuss programs and policies, and offering the availability of its executives for dialogue and questions and answers, Ginnie Mae is burnishing its track record of success and fostering an industry leadership position. e significant role Ginnie Mae plays in the housing recovery is well understood by new HUD secretary Julian Castro, who opened the Summit by calling all attendees "to work together to see a robust, healthy housing market where those who are ready can buy a home." He went on to say: "Our nation is making progress across the board, and HUD is focused on ensuring these opportunities reach every American." Of the many pertinent and important topics covered, one major announcement of significance stood out. at issue is how Ginnie Mae assesses the post Great Recession pull- back of commercial banks from the mortgage business and the subsequent advance of new entrants to fill the space by such institutions as Nationstar, PennyMac, Quicken, and Ocwen. AN ERA OF TRANSFORMATION is changing landscape to the issuer base of Ginnie Mae offers opportunities for innovation and new business models to serve the first-time