Ginnie Mae

SEC No-Action Letter on Rule 15Ga-1 and Ginnie Mae

On February 1, the SEC issued a no-action letter to PNC Bank relating to Rule 15Ga-1 which, pursuant to Section 943 of the Dodd-Frank Act, requires ABS securitizers to disclose repurchase requests. The SEC indicated that it will not recommend enforcement action against a securitizer that does not file repurchase request disclosures with respect to Ginnie Mae MBS under certain circumstances. SEC No-Action Letter. Incoming PNC Request.

SEC Charges Mortgage Company and Its President/CEO with Fraud

On March 7, 2011, the SEC filed a complaint against Radius Capital Corporation and its president and CEO, Robert A. DiGiorgio in the US District Court for the Middle District of Florida. The complaint alleges that the defendants falsely represented to investors and Ginnie Mae that the residential loans underlying RMBS it issued were or would be insured by the FHA. The SEC alleges that 70% the loans were not FHA-insured and could not be FHA insured because they failed to meet the FHA’s minimum requirements. The SEC alleges violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and SEC Rule 10b-5. Complaint.