Ginnie Mae sent out a press release last week could create
some confusion for those readers who only skimmed the lede. The opening
paragraph states that the agency is creating a new pool of mortgages for
securitization on the secondary market. The pool, to be known as Pool Type
C-ET, will contain loans with terms up to 40 years while the current set of
pool types only supports loans with 30 year or shorter terms. It is easy to
miss that this special pool is not a new offering for borrowers but is limited
to loans that have gone through a loan modification.