Ginnie Mae


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Related to Ginnie Mae: Fannie Mae, Ginnie Mae Funds

Ginnie Mae

Government National Mortgage Association

Also called GNMA or Ginne Mae. A United States government-owned enterprise that buys mortgages from banks and pools them, selling the pools as mortgage-backed securities. Ginnie Mae securities are backed by the full faith and credit of the United States and as such are consider risk-free investments. Ginnie Mae's activities are designed to help facilitate the provision of credit for home purchases among middle and low-income Americans.

Ginnie Mae

A wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital into the housing industry. Ginnie Mae-approved private institutions issue mortgage-backed securities with payments that are guaranteed even if borrowers or issuers default on their obligations. Ginnie Mae was created in 1968 when the Federal National Mortgage Association was partitioned into two parts. Formerly called Government National Mortgage Association. See also Ginnie Mae pass through, mobile home certificate.

Government National Mortgage Association (Ginnie Mae).

The Government National Mortgage Association, known as Ginnie Mae, guarantees mortgage-backed securities issued by approved private institutions and marketed to investors through brokerage firms.

The agency's dual mission is to provide affordable mortgage funding while creating high-quality investment securities that offer safety, liquidity, and an attractive yield.

Ginnie Mae securities are backed by mortgages that are insured by either the Federal Housing Administration (FHA) or the Rural Housing Service (RHS), or guaranteed by the Department of Veterans Affairs (VA).

Ginnie Mae securities are sold in large denominations -- usually $25,000. But you can buy Ginnie Mae mutual funds, which allow you to invest more modest amounts.

Ginnie Mae is an agency of the US Department of Housing and Urban Development (HUD).

Ginnie Mae

A corporation formed in 1968 and placed under the control of the Department of Housing and Urban Development (HUD). Ginnie Mae makes no loans, nor does it buy or sell mortgages.Instead,it guarantees pools of federally insured or federally guaranteed loans.It is almost never called by its true name, which is the Government National Mortgage Association (GNMA) (www.ginniemae.gov).

References in periodicals archive ?
The GNMA, or Ginnie Mae, helps make affordable housing a reality for millions of low- and moderate-income U.
Since most Ginnie Maes are issued with 30 year maturities, because the investor is buying a 30 year mortgage, prepayments will occur sooner, because of upgrading to a larger home, downgrading for financial reasons, job transfers, death, divorce, foreclosures, etc.
To ensure problems are identified as quickly as possible, Ginnie Mae is proactively communicating with its Issuers to identify any Issuer in need of assistance.
Japan, through its financial institutions, is an important investor in Ginnie Mae's mortgage backed securities (MBS), playing an integral role in helping Ginnie Mae fulfill its mission of bringing global capital into the U.
The other actions announced at the summit include: enhancements to Ginnie Mae's Acknowledgement Agreement to enable further use of servicing rights as collateral; a new Dormant Issuer Policy whereby issuers must actively participate within an 18-month time frame; and a pilot program with the Federal Home Loan Bank of Chicago (FHLBC) to give small financial institutions more access to the secondary market by allowing FHLBC to issue securities guaranteed by Ginnie Mae.
As an approved Ginnie Mae issuer, LenderLive can more effectively meet the needs of its community bank and credit union clients in mortgage originations by providing government insured loan products to this client base.
In general, borrowers whose loans are securitized by Ginnie Mae have lower incomes, are more likely to be from a minority group, and are more likely to reside in a low- or moderate-income or minority neighborhood than are borrowers whose loans are sold to, or securitized by, Fannie Mae or Freddie Mac.
The reporting standards for Ginnie Mae are very complex and if it is not done correctly, our standing with Ginnie Mae would be in jeopardy," continued Dover.
CEO Steven Sugarman said, "Approval by Ginnie Mae requires that an issuer demonstrate the organizational, financial, procedural, quality control, and other characteristics necessary to participate in the program.
Through our partnerships with investors and lenders, Ginnie Mae leverages private capital to make homeownership opportunities available across the nation.
Having the Ginnie Mae reporting feature directly embedded in Mortgage Servicer and Commercial Servicer, FICS customers benefit from the ability to interface directly with Ginnie Mae without having to perform any customization and continue to remain in compliance with Ginnie Mae's reporting requirements.