Ginnie Mae loses quarter of staff amid DOGE review, Bloomberg says

Over the past week, as much as a quarter of Ginnie Mae’s 270 employees have either resigned or been dismissed by Elon Musk’s Department of Government Efficiency, Emily Flitter of Bloomberg reports, citing separate people familiar with the matter. The departures “have left a gaping hole” in Ginnie Mae, which was founded in 1968 to make housing more affordable by allowing banks to bundle mortgages into government-guaranteed bonds, Bloomberg contends. Loan servicers in the Ginnie Mae bond program include Mr. Cooper (COOP), Rocket Companies (RKT), JPMorgan (JPM), and Wells Fargo (WFC).