The Department of Housing and Urban Developments Ginnie Mae Remic program is off to a rocky start even as the agency tries to put the best light on its efforts.

In comments at the Savings & Community Bankers of Americas annual convention in Orlando, Fla., Dwight P. Robinson, president of Ginnie Mae, said the agency completed eight to 10 deals valued at $8 billion in the fiscal year that ended Sept. 30, far short of expectations and projections. He also said Ginnie had twice reduced its fees in an apparent reflection of chilly market reception for the new product.

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