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Government National Mortgage Association |
Also found in: Dictionary/thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia, Hutchinson | 0.06 sec. |
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Government National Mortgage Association (Ginnie Mae) A wholly owned U.S. government corporation within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by approved servicers that are collateralized by FHA-issued, VA-guaranteed, or Farmers Home Administration (FmHA)-guaranteed mortgages.
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). How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Mortgage-backed securities fit into the "government" category because most of them are issued by federal agencies such as the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), and the Federal Home Loan Mortgage Corp. The first securitization wave began in 1968 with the issue of Government National Mortgage Association (Ginnie Mae) pass-throughs, securities based on a pool of mortgages already guaranteed by the federal government, primarily through the Federal Housing Association. 87-3, Accounting for Mortgage Servicing Fees and Rights, addresses determining normal servicing fee rates for transactions with federally sponsored secondary market makers of mortgage loans, such as the Government National Mortgage Association (Ginny Mae), the Federal National Mortgage Association (Fanny Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). |
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