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TH E M R EP O RT | 61 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST GOVERNMENT Ginnie Mae Issues $72B in MBS, Publishes RFI For the 12th consecutive month, Ginnie Mae issuance volume has surpassed the $70 billion mark, assisting 272,000-plus homeowners and renters with financing in June. G innie Mae mortgage- backed securities (MBS) issuance volume was $72.45 billion in June 2021, the 12th consecutive month that volume has exceeded $70 billion. Ginnie Mae MBS is- suance reflects the liquidity of the program and its value in meeting the mortgage needs of homebuyers and rental property owners. Approximately 272,280 homes and apartment units were financed by Ginnie Mae guaranteed MBS in June. "Robust issuance and consistent investor demand demonstrate the utility of the Ginnie Mae MBS program and its role in support- ing affordable homeownership and rental housing," Ginnie Mae Acting EVP Michael Drayne said. "Our commitment to maintain- ing a strong and innovative MBS program that produces the types of securities investors demand and that Issuers can use to finance home loans in their communities is the foundation of Ginnie Mae's mission." A breakdown of June issuance of $72.45 billion includes $68.98 billion of Ginnie Mae II MBS and $3.47 billion of Ginnie Mae I MBS, which in turn includes $3.37 billion of loans for multifam- ily housing. Ginnie Mae's total outstanding principal balance as of June 30 was $2.117 trillion, up from $2.114 trillion in May, and down slightly from $2.125 trillion in June 2020. Ginnie Mae has also published a Request for Input (RFI) on updates to eligibility requirements for single-family MBS issuers. Responses to the RFI are due Monday, August 9, 2021. "This announcement under- scores Ginnie Mae's commitment to continuously assess its MBS Guide requirements with a goal of continuing to ensure Issuer success in our program, while minimizing risk to the govern- ment's unconditional guarantee," Ginnie Mae SVP and Chief Risk Officer Gregory Keith said. The RFI was drafted in order: • To address all lines of mortgage banking activity (including the interest rate risk to origination pipelines), and the entirety of the issuer's financial profile; • To introduce risk-based capital requirements, reflecting the varying risk associated with different asset types; • To align our requirements to the greatest degree possible with the other governmental bodies who regulate this area; and • To make the requirements easy to calculate and integrate into an issuer's capital planning. Goldman Sachs Monitor 'Closes the Book' on 2016 Settlement Billions of dollars have been provided to consumers negatively impacted by mortgage-backed securities issues related to the 2008 financial crisis. A n independent moni- tor of Goldman Sachs' court-ordered obligation to provide $1.8 billion in consumer relief has declared the company's settlement "success- fully completed." In his sixteenth and final report, professional mediator and retired Boston University law professor Eric Green showed that Goldman Sachs has fulfilled the requirements mandated by the U.S. Department of Justice fol- lowing a DOJ campaign to, as the department put it, "hold account- able those whose illegal conduct resulted in the financial crisis of 2008." Goldman Sachs was charged with not liv[ing] up to the rep- resentations it made to investors about the products it was selling," according to the DOJ. Green, assisted by a team of finance, accounting, and legal professionals, says that the restitu- tions made as of July 1 "have directly and materially assisted homeowners struggling to afford to stay in their homes." "I am pleased that I and the professionals on my team were able to play a part in seeing that homeowners and communities received the full benefits of the $1.8 billion in consumer relief." Green was named early on by the settling parties as an inde- pendent monitor responsible for determining whether Goldman Sachs fulfills its consumer-relief obligations. Green noted that his last report "closes the book" on his over- sight of three of the major bank settlements that grew out of the financial crisis of 2008. "The remediation process through these proceedings has taken thirteen years, during which billions of dollars in relief has been provided to consumers injured by the housing market collapse and mortgage-backed securities catastrophe of the last decade and a half," Green re- ported. "The costs of this disaster have been enormous and, despite these settlements, are still being felt by many." Green added that he appreci- ates the cooperation and effort of the many people and organiza- tions responsible for providing this relief, but that he "sincerely hopes that the lessons learned about the behaviors that created the situation in the first place will not be forgotten so that in the future similar calamities may be prevented in the first place."