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Fannie Mae Securitizes $9.26 Bln Of HECM Reverse Mortgages

Fannie Mae has secured roughly $9.26 billion of Home Equity Conversion Mortgage reverse mortgages in a single transaction, representing 18% of the lender’s reverse-mortgage portfolio, reports Reverse Mortgage Daily.

Fannie Mae has secured roughly $9.26 billion of Home Equity Conversion Mortgage reverse mortgages in a single transaction, representing 18% of the lender’s reverse-mortgage portfolio. The REMIC consisted of HECM loans originated by Bank of America, which announced earlier this year that it was leaving the reverse mortgage business. As of March 31, Fannie Mae had a total portfolio of reverse mortgages of nearly $51 billion.

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