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Ginnie Mae Revenue Increases, HMBS Issuance Up 131% in 2010

By Implode-Explode Heavy Industries

"?Given the continued slow pace of growth in the U.S. economy, Ginnie Mae?s increase in both revenue and net income is quite an accomplishment,? said Ginnie Mae President Ted Tozer. ?This year we?ve increased our loan loss reserves, and we believe this increased provision is more than sufficient to offset losses on servicing portfolios taken over by Ginnie Mae due to Issuer defaults.?"

Full post as published by Mortgage Lender Implode-o-Meter on December 16, 2010 (boomark / email).