The president of a servicer has been charged with stealing nearly $3 million from loans included in mortgage-backed securities guaranteed by the Government National Mortgage Association.
Mortgage Security Inc. was an issuer of Ginnie Mae MBS. After the securities were issued, the Falmouth, Massachusetts-based organization handled the servicing for the residential loans.
Loans contained in Ginnie Mae MBS include mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs and Department of Agriculture.
…read more
From:: Financing