Ginnie Mae 2020

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Ginnie Mae 2020Roadmap for sustaininglow-cost homeownershipJUNE 2018

TABLE OF CONTENTSIntroduction. 3Pillar One: Modernizing the MBS Program and Platform . 4User Experience Improvement. 4Data and IT Modernization. 6Digital Collateral Strategy. 7Pillar Two: Enhancing Counterparty Risk Management. 9G etting more capital into the system byfostering investment in Ginnie Mae servicing . 10Enhancing counterparty risk management . 11Pillar Three: Strong Focus on Innovation. 13Loan-Level Servicing Transfers. 13Loan-Level Credit Risk Transfer. 14Conclusion. 15Ginnie Mae 2020 Roadmap for sustaining low-cost homeownership 2

IntroductionThe Government National Mortgage Association (GinnieMBS portfolio generated and serviced by non-bankMae) has worked since 1968 to make affordable housinginstitutions, who play a valuable role in ensuring thea reality for millions of Americans. Chartered by theavailability of adequate home financing but also havefederal government and located within the Departmentmarkedly different risk characteristics compared toof Housing and Urban Development (HUD), Ginnie Maebanking the primary funding mechanism for all governmentinsured and government-guaranteed mortgage loans. ItIndustry evolution is a constant, and Ginnie Maeis the only federal agency tasked with the administrationmust continue to evolve so that the supply of low-costand oversight of an explicit, paid-for, full-faith-and-creditcapital for homeownership is sustained. As part of thisguaranty on mortgage-backed securities (MBS).evolution, Ginnie Mae is committed to clearly articulatingour strategic direction to market participants.The success of our MBS Program is critical to the U.S.housing finance system and to the many borrowers whoIn this paper we explain how we will proceedrely on government lending to realize their dreams ofstrategically through 2020, the 50th anniversary ofhomeownership. This group includes veterans, low- andGinnie Mae’s development of the MBS. We will describemoderate-income borrowers, minority borrowers, ruralhow we are investing in improvements and organizingborrowers and first-time home buyers. Many of them mightour efforts around three pillars of progress:not have been able to obtain a loan if it weren’t for thework Ginnie Mae does.Modernizing the MBS Program and platformDuring Ginnie Mae’s 50-year history, the programEnhancing the management of counterparty riskhas proven its stability, scalability and utility throughDemonstrating the ability to innovatea variety of market cycles — including the 2007-2008financial crisis and ensuing recession, through whichGinnie Mae maintained its profitability. The yearssince the recession have seen a significant increaseThe following sections provide greater detail about thein market share for Ginnie Mae and an influx of newobjectives and initiatives within each pillar, what Ginnieparticipants into the MBS Program. A notable result ofMae intends to achieve by 2020, and how the organizationthis has been a dramatic increase in the share of theis readying itself for the next decade and beyond.Ginnie Mae 2020 Roadmap for sustaining low-cost homeownership 3

Pillar OneMODERNIZING THE MBS PROGRAM AND PLATFORMThe Ginnie Mae MBS platform, which has performedreliably for decades, is an easily overlooked asset of theU.S. government. The initiatives described here will helpDecreasing cost and risk to themarket and, ultimately, the taxpayer.ensure that the platform takes advantage of technologicalIncreasing efficiencies.progress and is positioned to maintain its utility for manyyears to come.At Ginnie Mae, we don’t lose sight of the core activitiesImproving user experience.Increasing security.Safeguarding the system’s stability.that allow us to link the global capital markets tothe needs of U.S. homeowners: converting pools offederally-insured mortgages into guaranteed securitiesUser Experience Improvementand providing information about those securities to theBecause Ginnie Mae guarantees but does not issuemarket. The Ginnie Mae MBS Program is built upon ourMBS, the Issuer is the key partner in fulfilling our mission.platform, which broadly speaking means the processesGinnie Mae has vastly improved the experience of usingand systems that enable us to securitize mortgages andthe program and platform. Over the next two years,disseminate data. Ginnie Mae is dedicated to makingstakeholders will reap the benefits of that work as wetechnological improvements that deliver a better andmodernize securitization applications; roll out a newsafer experience for both the Issuer and the investor.Issuer portal, MyGinnieMae; introduce a centralized HelpDesk; and replace physical authentication “tokens” withOur modernization efforts have focused on streamliningelectronic versions for day-to-day system access.our users’ experience and access to the program andplatform, updating data protocols and storage, andEnhancements to Securitization Applicationsfacilitating the use of digital collateral. The steps we areGinnie Mae is improving applications as new technologiestaking have a number of benefits, including:become available. Prime examples of this are the “poolGinnie Mae 2020 Roadmap for sustaining low-cost homeownership 4

delivery modules” through which the security issuanceprocess begins. The first application in the queue to beimplemented is the Multifamily Pool Delivery Module, nowin pilot, to be followed by the Single-Family Pool DeliveryModule and then the HMBS (reverse mortgage) PoolGinnie Mae is dedicatedDelivery making technologicalMyGinnieMae Portalimprovements that deliverA single gateway to all of Ginnie Mae’s systems,a better and safer experienceapplications and resources — called the MyGinnieMaefor both the Issuer andPortal — will boost efficiency for our business partnersand provide a consistent user experience by eliminatingthe investor.dissimilar entry-point interfaces.MyGinnieMae provides enhanced security and a singleentry point to all approved applications for each individualuser, as well as a seamless user registration and accessMyGinnieMae will be the primary vehicle for conductingrequest process for both the user and the approvingbusiness, building user communities and sharingauthority. The portal will be a one-stop, full-service solutioninformation. It enhances collaboration by enablingfor accessing Ginnie Mae business applications.user discussion, messaging and other interactions, aswell as offering shared workspace for all users whileMyGinnieMae is secure. Federal Identity, Credential, andalso allowing for customized landing pages. As theAccess Management and the National Institute of Standardsportal continues to evolve, Ginnie Mae will develop aand Technology require it to use single sign-on and multi-knowledge center that answers user FAQs and facilitatesfactor authentication, which improve our cyber securityinformed decision-making.operations in multiple ways:In late summer 2018, Ginnie Mae will test the portalSingle Sign-On: Provides seamless access toGinnie Mae business applications using a singleID and password.with a small number of “early adopter” Issuers. Oncewe have migrated all Ginnie Mae data to the portal,we will transition the rest of the Issuer community toSecure Image and Phrase: Assures users thatthey are accessing the actual portal when theysee their designated secure image and phrase inconjunction with the login screen.MyGinnieMae.One-Time Password (OTP): Sent the first timea user logs into a secured business applicationduring each portal session, an OTP protectsagainst access by unauthorized users.Desk support, in addition to many other points of onlineGinnie Mae 2020 Roadmap for sustaining low-cost homeownershipCentralized Help DeskToday, Ginnie Mae offers two toll-free numbers for Helpcontact. Implementation of a new, centralized Help Deskwill consolidate these contact points. 5

Eventually, Ginnie Mae plans to migrate to a single toll-Mae works to complete its data center migration effort, asfree number for all business inquiries, through whichdescribed below.inquiries will be documented, classified and routedaccording to their level of urgency and complexity. ByData and IT Modernizationcentralizing inquiries, Ginnie Mae will be better positionedAs Ginnie Mae continues to modernize the applicationsto evaluate pain points, identify recurring issues andavailable through its platform, it has also made stridesassess overall performance of our business managing data as a corporate asset. Strategic effortsto adopt industry data standards, transform legacy dataThe strategy specifics and implementation timeline forarchitectures and invest in cloud technology will supportthis centralized Help Desk will be further developedevolving business requirements.throughout 2019.One major data standards initiative is Ginnie Mae’sSoft Tokenadoption of information protocols put forth by theToday, business partners use a hard SecurID token whenMortgage Industry Standards Maintenance Organizationsubmitting data into a specific subset of Ginnie Mae(MISMO). For example, Ginnie Mae’s Single-Family Poolapplications. Hard tokens have limitations: the devicesDelivery Module project creates a MISMO-compliantthat generate the number to be used can easily bemethod for Issuers to deliver single family pools. Thismisplaced, must always be accessible to the user andbenefits Ginnie Mae and its stakeholders by furthermust be replaced when they expire.aligning our data collection standards with the mortgageindustry, as well as ensuring the MBS Program platformBy contrast, a soft token is a software-based security tokencan accommodate the likely growth in digital mortgages.that generates a single-use login PIN. Soft tokens replicatethe security advantages of multifactor authentication, whileThrough its IT modernization program, Ginnie Mae willsimplifying distribution and lowering costs. A soft tokenbe positioned to meet Federal Data Center Consolidationapp performs the same task as a hardware-based securityand Data Center Optimization Initiatives. We will have atoken. Migrating from a hard token to a soft token will lowerconsolidated IT infrastructure with central managementcosts and introduce efficiency and is necessary as Ginnieof our data center operations and a more efficientGinnie Mae 2020 Roadmap for sustaining low-cost homeownership 6

cloud/shared service computing platform. ConsolidatingOur approach will allow us to gradually implement policiesinfrastructure will eliminate application complexity andand systems that fully incorporate digital mortgages intothe need for design across multiple data centers.Ginnie Mae’s business model. The business model weenvision will allow Issuers to securitize digital promissoryTo facilitate these consolidation and efficiency efforts,notes that are executed on a uniform smart documentin 2017 we awarded a 10-year vendor contract toformat, with elements and specifications like the SMARTprovide cloud-hosting services and move Ginnie Mae’sDoc format used by the Government SponsoredIT infrastructure into a government SmartCloud. ThisEnterprises (GSEs) Fannie Mae and Freddie Mac. Thelong-term contract eliminates the potential businessdesired format will leverage MISMO standards to facilitatecontinuity risk of re-competing data center contractsintegration and data exchanges. The use of a specifiedmore frequently.uniform format will also enable Ginnie Mae to replacemanual processes with automated system-based solutionsEarly in 2018, we successfully completed our first threeand streamline the initial certification process for loanwaves of migration, including accounting and financialpackages that contain digital mortgages.reporting operations, general ledger system, website,Issuer reporting feedback system, investor reportingWhile we engage in the technical work necessary toapplications and a host of other applications that managepromulgate the standards applicable to electronic closings,counterparty risks and Issuers’ portfolios. We alsodigital instruments and electronic vaults, we will also workdecommissioned hardware and software operations at ourwith the housing programs we support to standardizeformer hosted data center in May 2018.policies and any other origination requirements for digitalmortgages. We will also work closely with the GSEs toThroughout 2018, we will continue to migrate manybenefit from their experience with digital mortgages andsecuritization platform modernized applications, currentlyto ensure our solution can easily be adopted by Issuershosted at our pool processing agent, to the governmentalready using similar technology for conventional loans.SmartCloud. All migration activities will be complete inWe believe aligning policies across federal housingfiscal year 2019. Legacy mainframe processing operationsprograms and developing technical standards arewill remain at Ginnie Mae’s pool processing site.foundational steps; they will be our priority during the initialstages of our digital collateral strategy.Digital Collateral StrategyGinnie Mae has committed to developing andWe aim to complete these foundational steps by 2019implementing the policies, technology and operationaland then authorize pilot programs enabling Issuers tocapabilities necessary to take in digital promissory notessecuritize digital mortgages, even as we continue toand other digitized loan files as acceptable collateral fordevelop other aspects of our Digital Collateral Strategy.our securities. After an extensive review of the landscape,The pilot programs will enable us to test our approach,Ginnie Mae concluded that creating a digital mortgageoptimize processes and arrive at a strategy that promotesecosystem, from loan application through securitization,large-scale adoption.will increase access to credit for many Americans andenhance the integrity of our collateral by reducing the riskSomething to note about the business model we arefrom defects in loan instruments.contemplating as part of a pilot approach is that it wouldprohibit Issuers from commingling digital mortgages withGinnie Mae 2020 Roadmap for sustaining low-cost homeownership 7

traditional paper mortgages in the same loan package.certification processes, our business model will continue toWe would have two reasons for requiring the separationleverage third-party custodians for final certifications andof digital instruments from traditional collateral files.for maintaining loan files that are not yet digitized (such astitle insurance policies).First, pools or loan packages comprised of digitalmortgages (Digital Mortgage Pools) would be subjectSecond, by segregating digital mortgages, we intend toto a different pool certification process. Unlike traditionalprotect the marketability of any loan package containingpools that are delivered to and certified by a third-partytraditional paper notes. As an integral part of our mission,custodian, Digital Mortgage Pools would be deliveredwe need to promote the liquidity of mortgage servicingdirectly to a designated Ginnie Mae electronic vaultrights (MSRs). When we consider the pool-level structureand subject to an automated, system-based initialof the MBS Program, we believe that allowing traditionalcertification process.paper notes to be included within a pool or loan package,which also contains digital mortgages, may reduce theGinnie Mae has already begun to develop a plan to obtainmarketability of the corresponding MSR.the software, services and partnerships necessary todevelop auto-certification capabilities, similar to the auto-Despite this segregation at the pool level, Digitalcertification services offered by the GSEs.Mortgage Pools will qualify for delivery into multiple Issuersecurities, along with other pools comprised of traditionalAs outlined above, Ginnie Mae is in the final stages ofpaper notes. We plan to adjust pool and loan packageimplementing its Single-Family Pool Delivery Module,requirements to accommodate various levels of digitalwhich implements MISMO standards. Having a MISMO-mortgage production and will be considering additionalcompliant pooling and delivery system will enable Ginnieincentives for Issuers to go digital.Mae to validate that the borrower, property and loan dataattributes received as part of a pool data set are consistentAs we venture into the securitization of digital mortgages,with the digital instruments delivered to Ginnie Mae’swe look forward to receiving feedback from industryeVault. We have also initiated an acquisition strategysubject matter experts and MBS Program participants.for obtaining the necessary eVault services, which mayWe will announce additional details about ourinclude leveraging existing contract vehicles or usingimplementation timeline and the availability of pilota new and separate procurement process for theseprograms as they are Despite the implementation of automated initialGinnie Mae 2020 Roadmap for sustaining low-cost homeownership 8

Pillar TwoENHANCING COUNTERPARTY RISK MANAGEMENTGinnie Mae’s approaches to counterparty risk are evolving toto ensure Issuers are meeting our standards andbe appropriate to circumstances and the need to safeguardguidelines, ongoing monthly and quarterly monitoring,the government guaranty that we steward.standards for approving or not approving particulartransactions, and a host of activities we undertake ifGinnie Mae primarily relies on private sector institutions,there is a threat or occurrence of Issuer failure. But asincluding banks and other lenders, to issue and serviceour share of securities outstanding and prominence havethe MBS we package and guarantee. Ginnie Maegrown, it is incumbent on us to continually upgrade theguarantees that investors who own the securities willsafeguards against Issuer failures.get paid their principal and interest on time, no matterwhat. If borrowers do not make their payments on time,Because Ginnie Mae operates in an industry centeredIssuer servicers must still make payments to investors.on flows of cash, counteracting counterparty risk entailsBut what about the possibility that a servicer will fail topaying close attention to liquidity. As the Brookingslive up to its responsibility to make payments, requiringInstitution points out in its February 2018 paper,the government, through Ginnie Mae, to step in? That“Liquidity Crises in the Mortgage Market,” the U.S.“counterparty risk” is of paramount concern and driveshousing finance system’s vulnerability to a liquiditymany of Ginnie Mae’s strategic decisions.crisis is underappreciated. Particularly in governmentinsured lending, where non-banks with greater need forGinnie Mae already takes many steps to manageexternal liquidity play an increased role in issuing andcounterparty risk. These include controls on whetherservicing Ginnie Mae MBS, the paper’s authors say suchcompanies can become Issuers, day-to-day interactionsvulnerability is acute and must be addressed.Ginnie Mae 2020 Roadmap for sustaining low-cost homeownership 9

Ginnie Mae has long emphasized the importance ofadvancing demands on its Issuers than the GSE modelsliquidity in the post-financial crisis era, in tune with thedo. The fact that it is harder to obtain secured financingobservations of the Brookings paper. We have writtenfor that function is problematic.about the topic, including in the September 2014 whitepaper, “An Era of Transformation.” We brought subjectGinnie Mae has already made it easier for Issuersmatter experts together to talk about the problemto leverage the value of their MSRs via ourand potential solutions at our June 2016 symposium,Acknowledgment Agreement. We are now exploring“Managing Value and Liquidity in the Servicing Market.”whether Ginnie Mae can, or should, change howAnd we have devoted a significant portion of ouradvances are handled when an Issuer has failed, whichprogram development in recent years to liquidity-relatedwould make it easier to finance these cash flows. Thisefforts. For example, we enhanced Issuer access tostep could potentially alleviate one of the greatestfinancing through our Acknowledgment Agreement andsources of counterparty risk we face: the potential forwe supported the greatly increased level of servicingan Issuer to be overwhelmed by the need to advancetransfers that occurred beginning in 2012.on defaulted loans in a time of economic stress.Addressing counterparty risk and liquidity will continueMany factors would affect the availability of suchto be high priorities for Ginnie Mae through 2020financing, and making it more available could requireand beyond. We are looking at two areas for riskstatutory or regulatory enhancement: getting more capital into thesystem and enhancing counterparty risk management.Getting more capital into the system byfostering investment in Ginnie Mae servicing.Allow a Broader Range of Institutions to Own MSRsIncreasing the store of capital in this sector would reducethe capital demand on traditional participants in ourprogram and reduce the cost of homeownership. WeGinnie Mae’s statutory purpose, spelled out in Titleare considering new approaches because our traditionalIII of the National Housing Act, is to “promote accessmodel — in which the originator of a loan pools it into,to mortgage credit by improving the distribution ofand then services, a guaranteed security — has becomeinvestment capital available for residential mortgageincreasingly fragmented. There is now much morefinancing.” So, it is in keeping with our mission to expandspecialization in residential finance. To some degree, ourthe supply of stable capital available to support MSRs.We are considering several ways of doing that.Make It Easier for Issuer Servicersto Get Advance FinancingIt is difficult for servicers in the government sphere toIncreasing the store ofcapital in this sector wouldget financing for security holder payments, insurancereduce the capital demand onpremiums, taxes and other remittances. The Brookingstraditional participants in ourpaper described the need to advance such paymentsto various entities as “the crux of the liquidity issue inmortgage servicing.” Servicing advances are a particularrisk to Ginnie Mae because our model places greaterGinnie Mae 2020 Roadmap for sustaining low-cost homeownershipprogram and reduce the costof homeownership. 10

program and procedures have been able to keep pace:Additional Standards for Leverage and FinancingWe have successfully accommodated long-standingGinnie Mae is scrutinizing more closely how approvedtrends such as third-party origination, servicing transfers,Issuers employ debt and otherwise finance theirsubservicing arrangements and MSRs financing.operations. Revised guidelines will soon be publishedthat detail how much of an Issuer’s assets can beBut the amount of fragmentation the Ginnie Mae modelsecurity for debt and how much in assets an Issuercan accommodate under its current authority hascan have relative to its Ginnie Mae net worth.limitations. Only institutions whose primary line of businessis mortgage origination and servicing can directly ownGinnie Mae MSRs. Institutions willing and able to investcapital in MSRs as passive owners can do so only througharrangements that are complex and lack a certain degreeof transparency — and are therefore unattractive to manyinstitutions. At the same time, a number of our currentIssuers have told us they want to focus on servicingoperations and reduce their exposure to the volatile andcapital-intensive business of MSR ownership.Statutory or regulatory change might have to occur beforenew types of entities could own MSRs. And we would needto ensure that capital from nontraditional sources wasavailable on terms that promote stability and discouragelarge-scale withdrawal of capital in times of stress.Enhancing counterparty risk management.We are strengthening the ways we monitor counterparties.Stronger oversight will reduce the possibility we mightneed to use government funds in exercising ourguarantee. The steps we will be taking include:Ginnie Mae 2020 Roadmap for sustaining low-cost homeownershipIn addition, Issuers will be required to notify Ginnie Maeabout transactions in which they sell off a portion of theirservicing income. While there is a legitimate role for suchtransactions, Ginnie Mae views them as financing and thusas introducing leverage that needs to be accounted for inan evaluation of the financial strength of the counterparty.New Acceptable Risk ParametersVia APM 18-02, Ginnie Mae established the requirement thatIssuer participation in the MBS Program meet acceptablerisk parameters. Ginnie Mae will continue to provide moreinformation about what lies inside and outside of suchparameters, where appropriate. Increasingly, however, GinnieMae’s evaluations of Issuer risk will be based upon modeledand other multiple-factor analyses. For example: Ginnie Mae classifies Issuers according to theirfinancial strength and manages their participationin our program differently depending on theirclassification. New requirements will soon begin 11

phasing in that subjecting Issuers to an analysis of howtheir financial strength would be impacted by adversefuture scenarios. These “stress testing” exercises willplay an increased role in our dialogues with Issuersand oversight activities in the future. Ginnie Mae is also developing modeling capabilitiesthat evaluate exposure to a single counterparty, relativeto the combination of the counterparty’s financial healthand the value of its MSR portfolio. This modelingGinnie Mae is exploringhow to make it easierfor the government tomanage the failure of alarge mortgage servicer.will inform decisions about how much exposure toindividual Issuers Ginnie Mae will permit.Special Requirements for Very Large InstitutionsFinally, Ginnie Mae is exploring how to make it easier forGinnie Mae has begun to evaluate institutions partly inthe government to manage the failure of a large mortgageterms of whether, in the event of a failure, the MSRsservicer, such as by using a “living will” approach. Ginniethat Ginnie Mae has guaranteed could be expected toMae will be developing enhanced requirements gearedbe readily absorbed by the private market or managedtoward resolution activities in the coming period.through Ginnie Mae’s contracted servicing capabilities.The rationale for the steps described above is theNew requirements are forthcoming that requirestatutory mandate for Ginnie Mae to “provide stability ininstitutions whose Ginnie Mae portfolio exceeds certainthe secondary market for residential mortgages,” as laidsize thresholds to obtain and maintain credit andout in Title III of the National Housing Act. By workingservicer ratings from approved rating agencies. Ginnieto expand the supply of long-term capital dedicated toMae believes that Issuers who attain a certain level ofownership of MSRs and developing stronger risk andprominence within the housing finance system shouldexposure thresholds, we believe we can promote a morebe expected to make greater investments in transparencystable ecosystem with a diverse range of participants.compared to other Issuers. The stress testing regimenmentioned above would probably be implemented firstOver the next few years Ginnie Mae will continue towith Issuers who meet the thresholds for required ratings.improve its ability to manage Issuer failures when theydo occur. Policies and procedure enhancements willIn addition, and building on recent requirements thatbegin with identifying and monitoring high-risk IssuersIssuers maintain diversified portfolios, steps will be takenand end with the disposition of assets acquired fromto ensure that the Ginnie Mae portfolio as a whole isterminated Issuers. The result will be a Ginnie Mae thatserviced by a sufficiently diversified set of Issuers andcan efficiently manage failures while reducing taxpayersubservicers. This concern could lead to limits on thelosses and disruption to the market.share of the total MSR portfolio that any one Issueror subservicer could own or service.Ginnie Mae 2020 Roadmap for sustaining low-cost homeownership 12

Pillar ThreeSTRONG FOCUS ON INNOVATIONThe coming years will undoubtedly bring opportunitiesLoan-Level Servicing

In late summer 2018, Ginnie Mae will test the portal with a small number of "early adopter" Issuers. Once we have migrated all Ginnie Mae data to the portal, we will transition the rest of the Issuer community to MyGinnieMae. Centralized Help Desk Today, Ginnie Mae offers two toll-free numbers for Help

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