Also found in: Dictionary, Thesaurus, Legal, Acronyms, Encyclopedia, Wikipedia.
Government National Mortgage Association
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).
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).