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The Institutional Risk Analyst

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RMF Bankruptcy Signals Systemic Risk in GNMA Market

December 2, 2022 | Premium Service | Reverse Mortgage Investment Trust and several affiliates filed bankruptcy in Delaware this week, beginning one of the more problematic events of default in the government loan market in many years, even decades. While a declaration has been filed by restructuring firm FTI, the debtor has obtained an extension of the deadline to file financial schedules until February 2023.

RMIT is sponsored by three-funds managed by Starwood (STWD) and represents about 40% of the $61 billion market for home equity conversion mortgages or HECMs, reverse mortgages that are guaranteed by the FHA. As of October 31, 2022, RMF managed reverse mortgage loans with an unpaid principal balance of approximately $25.57 billion. And this is not the only bad thing happening in mortgage land this week.

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