On Monday, April 7, Ginnie Mae recently announced that in an effort to provide liquidity to the servicers (also referred to as “issuers” in the Ginnie Mae program) servicing loans in its securities, it would create a liquidity facility of last resort. On Friday, April 10, Ginnie Mae released an All Participant Memorandum (AP 20-03) that provides additional details on its Pass Through Assistance Program (“PTAP”). Ginnie Mae has implemented PTAP previously, but this version of the program has particular elements that are responsive to the COVID-19 pandemic and the economic hardships faced by both borrowers and Ginnie Mae Servicers.

See SFA’s summary in our most recent blog here.