U.S. Sen. Mike Braun (R-Ind.) recently submitted a series of questions to Congress Ginny Mae On its management following the collapse of the Home Equity Conversion Mortgage (HECM) Backed Securities (HMBS) program reverse mortgage financing RMF secured the Republican nomination for governor of Indiana on Tuesday night, The Associated Press and The Washington Post reported.
Braun previously announced that he would not seek re-election as Indiana’s junior senator, choosing instead to run for governor because current Gov. Eric Holcomb (R) is term-limited.
Braun’s political career began as a member of the Jasper School Board from 2004 to 2014, when he won a race for the Indiana House of Representatives. He resigned three years later to focus on running for the U.S. Senate, winning the election in 2018 and taking office the following January.
Braun served United States SenateSince joining the Chamber, he has served on the Select Committee on Aging, becoming a senior member in early 2023. In a letter, he said the HECM scheme faced stability challenges arising from the collapse of the RMF in 2022 and the cancellation of the HMBS scheme, which he said may require congressional review.
In his letter, Braun sought Ginnie Mae’s response to several questions about its administration of the HMBS program, specifically “understanding how seniors are affected by this apparent failure,” he wrote.
Braun also requested “detailed information on Ginnie Mae’s conduct before and after RMF’s bankruptcy” and more information on “steps taken to improve the management practices of problematic issuers that threaten market stability.”
In an interview with RMD shortly after submitting the letter, Braun said he felt he couldn’t wait to learn the results of the HUD Office of Inspector General (OIG) investigation and felt time was of the essence.
“Ginnie Mae is exploring improvements to the HMBS program, and timing is important,” he said. “The Senate Aging Committee is committed to protecting seniors and prioritizing oversight of aging-related issues such as reverse mortgages, and my letter highlights information critical to the long-term and stability of the program. .
However, now that Braun has secured a spot in the upcoming gubernatorial race, it’s unclear whether his HMBS priorities will be realized during the remainder of his term in the Senate or beyond.
RMD contacted Braun’s office seeking clarification on what might happen to his inquiry if Ginnie Mae doesn’t respond by his requested May 10 deadline.
