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. This article addresses the post Great Recession pullback 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.

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