The Government National Mortgage Association, known as Ginnie Mae, said it will consider the effect of the Hope for Homeowners program before acting against security issuers whose pools have high delinquencies.

The agency requires issuers to keep delinquency rates on outstanding pools below certain thresholds. Ginnie can take a variety of actions against a lender that fails to do so, such as forbidding it to issue new mortgage-backed securities or yanking its license to do business with the agency.

In a memo to lenders dated Friday, Thomas R. Weakland, the agency's acting executive vice president, wrote that Hope for Homeowners loans "may experience higher delinquency levels than other FHA loans."

The higher delinquency rates may become starkly apparent: Mr. Weakland pointed out that Hope for Homeowners loans can only be pooled into one type of Ginnie security.

Hence, he wrote, "if an issuer's delinquency levels exceed Ginnie Mae's threshold, Ginnie Mae will consider the impact of H4H loans when determining the nature of any action it may take."

Hope for Homeowners is a temporary program created last year under which borrowers who are at risk of being foreclosed on can refinance into more affordable loans insured by the Federal Housing Administration.

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