U.S.
Sen.
Mike
Braun
(R-Ind.),
who
recently
submitted
a
series
of
questions
to


Ginnie
Mae
about
its
management
of
the
Home
Equity
Conversion
Mortgage
(HECM)-backed
Securities
(HMBS)
program
following
the
collapse
of

Reverse
Mortgage
Funding
(RMF),
clinched
the
Republican
nomination
for
governor
of
Indiana
on
Tuesday
night,
according
to
The
Associated
Press
and

The
Washington
Post.

Braun
previously
announced
that
he
would
not
be
seeking
a
second
term
as
Indiana’s
junior
senator,
instead
choosing
to
run
for
governor
as
incumbent
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
to
the
Indiana
House
of
Representatives.
He
resigned
three
years
later
to
focus
on
his
campaign
for
the
U.S.
Senate,
winning
his
election
in
2018
and
assuming
office
the
following
January.

Braun
has
served
on
the


U.S.
Senate’s
Special
Committee
on
Aging
since
entering
the
chamber
and
became
the
ranking
member
in
early
2023.
It
was
under
this
role
that
Braun
took
it
upon
himself
to

submit
a
letter
to
then-Ginnie
Mae
President
Alanna
McCargo,
saying
that
the
HECM
program
faces
stability
and
viability
challenges
stemming
from
the

2022
collapse
of
RMF
and
its

extinguishment
from
the
HMBS
program,
which
he
said
could
warrant
congressional
scrutiny.

In
his
letter,
Braun
sought
responses
from
Ginnie
Mae
to
several
questions
regarding
its
stewardship
of
the
HMBS
program,
particularly
“to
understand
how
seniors
were
impacted
by
this
glaring
failure,”
he
wrote.

Braun
also
requested
“detailed
insights
into
Ginnie
Mae’s
actions
prior
to
and
following
the
bankruptcy
of
RMF”
as
well
as
more
information
on
“steps
taken
to
improve
troubled
issuer
management
practices
that
threaten
market
stability.”

In
an

interview
with
RMD
on
the
matter
shortly
after
submitting
the
letter,
Braun
said
that
he
did
not
feel
he
could
wait
to
learn
about
the
outcome
of
a
HUD
Office
of
the
Inspector
General
(OIG)
investigation,
feeling
that
time
was
of
the
essence.

“The
timing
is
important
as
Ginnie
Mae

explores
improvements
to
the
HMBS
program,”
he
said.
“The
Senate
Aging
Committee
strives
to
protect
seniors
and
prioritizes
oversight
of
aging-related
issues,
like
reverse
mortgages,
and
my
letter
highlights
information
that
is
vital
to
the
longevity
and
stability
of
the
program.”

Now
that
Braun
has
secured
his
place
in
the
upcoming
governor’s
race,
however,
it’s
not
yet
known
if
his
HMBS
priorities
will
be
pursued
either
during
the
remainder
of
his
term
in
the
Senate
or
afterward.

RMD
reached
out
to
Braun’s
office
for
clarification
on
what
might
happen
to
his
inquiry
if
Ginnie
Mae
does
not
respond
by
his
requested
deadline
of
May
10.
It
did
not
immediately
receive
a
response.

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