Ginnie Mae pass-through

(redirected from Ginnie Mae Pass-Through Certificate)

Ginnie Mae pass-through

A security guaranteed by the Government National Mortgage Association that is backed by a collection of mortgages, in which the investor receives the interest and principal payments of participating homeowners.

Ginnie Mae Pass-Through

Mortgage-backed pass-through securities with principals and interest guaranteed by Ginnie Mae. A pass-through security is backed by assets or debt; in a Ginnie Mae pass-through security, Ginnie Mae reduces the risk of default to the pass-through holder by guaranteeing payment. It is the most common agency pass-through security.
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A Ginnie Mae pass-through certificate represents ownership of a proportionate interest in a fixed pool of mortgages insured or guaranteed by the Federal Housing Administration (FHA), the Department of Veteran's Affairs (VA), the Department of Agriculture's Rural Housing Service (RHS), and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH).The mortgages in the pool have the same interest rate, term to maturity and type of dwelling.