Ginnie Mae - Government National Mortgage Association (GNMA)
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Definition: Ginnie Mae - Government National Mortgage Association (GNMA)
Ginnie Mae was founded in the year 1968 and it serves United States of America. Currently, Honorable Theodore W. Tozer is the president of Ginnie Mae. The main aim of the establishment of the Government National Mortgage Association was to promote home ownership. Ginnie Mae’s mission is to increase affordable housing in the United States by directing global capital towards the nation’s housing finance markets.
It is a wholly owned government enterprise and it comes under the purview of the Department of Housing and Urban Development (HUD). The guarantee, often called Ginnie Mae guarantee allows the mortgage lenders to attain a superior price for the loans in the capital markets. The focus is on first time home buyers and low-income borrowers to realize the aim of promoting home ownership. Most of the mortgages that are securitized as Ginnie Mae mortgage-backed securities (MBS) are guaranteed by the Federal Housing Administration (FHA).
- Home Equity Conversion Mortgage-Backed Security (HMBS) Program
- Manufactured Housing Program
- Multifamily Program
- Single-Family Program
- Multiclass Securities
o Platinum Securities
o Real Estate Mortgage Investment Conduits (REMICs) Securities