Native American families and communities
and, in addition, serve as a product for use
with Community Reinvestment Act (CRA)
lending programs.
Soldiers and Sailors Civil Relief Act
The Soldiers and Sailors Civil Relief Act
(SSCRA) of 1940 provides reimbursement to
issuers who have lost money by providing
relief to military personnel during a qualifying
military effort. In response to the events of
September 11, 2001, Ginnie Mae developed an
assistance plan that included reimbursing
issuers for interest shortfalls on loans made to
persons who later enter military service, and
to reservists and members of the National
Guard called to duty. In addition, if under
FHA Mortgagee Letter 2001-22, an issuer per-
mits qualifying borrowers to postpone princi-
pal payments, the issuer may request consent
from Ginnie Mae to repurchase the loans out
of pools once three principal payments have
been made on the borrowers behalf.
View of the Future
During Fiscal Year 2002, Ginnie Mae will con-
tinue to facilitate increased homeownership in
urban areas through the success of its pro-
grams. Such efforts will be in addition to con-
tinued improvements in customer service and
new product innovation.
Ginnie Mae will develop and implement poli-
cies and procedures that improve program
efficiency and customer service. Through new
product offerings and reductions in guaranty
fees, Ginnie Mae continually strives to make
its programs attractive to investors in the capi-
tal markets. Additionally, Ginnie Mae contin-
ues to make organizational improvements in
its business through internal and external
reviews of its operations and managing the
corporation as a results-oriented, customer
driven organization. These efforts will contin-
ue to strengthen Ginnie Maes program and
financial position and ensure its ability to
meet its mission.
Moreover, in Fiscal Year 2002, managements
priorities will include making greater use of
information technology to improve processes
and products, enhancing services to clients,
and strengthening other ways Ginnie Mae
does business. Ginnie Mae will endeavor to
face the challenges of the future with confi-
dence, and with innovative solutions and
products, while striving to serve its vital role
in the provision of mortgage credit for low-
and moderate-income American families.
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G i n n i e M a e A n n u a l R e p o r t 2 0 0 1