While residential mortgage loan servicers, trade associations and various members of Congress have been urging the Department of Treasury and the Federal Reserve Board to provide a dedicated servicing advance facility, Ginnie Mae did just that. On April 10, 2020, Ginnie Mae announced the final terms of its much-anticipated Pass-Through Assist Program for Issuers of mortgage-backed securities that are in need of funding for the increased amount of servicer advances due to the COVID-19 national emergency: “PTAP/C19.” This Legal Update provides further detail.
For more information about the topics raised in this Legal Update, please contact Laurence E. Platt, Michael McElroy or Eric J. Edwardson.
Also, please visit Mayer Brown’s Coronavirus COVID-19 webpage for additional insights on and analysis of the virus’s impact on business worldwide.
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