In its latest report on Ginnie Mae, the GAO finds deep risks at the agency due in part to its growing reliance on nonbanks and increasing exposure to VA mortgages. G-fees are likely too low to price in all this risk, leading the GAO to suggest that Congress rewrite these longstanding rules. It also wants Congress to redesign the Ginnie corporate structure as part of any housing-finance reform, a point already taken to heart in the Crapo legislative outline.

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