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Ginnie Mae: Difference between revisions
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{{Short description|Government-owned financial services corporation aimed at low-income housing in the US}} | {{Short description|Government-owned financial services corporation aimed at low-income housing in the US}} | ||
{{Organization | |||
|OrganizationName=Ginnie Mae | |||
|OrganizationType=Government Corporations | |||
|Mission=To support affordable housing in the United States by linking global capital markets to the housing market through the securitization of government-backed mortgage loans. Ginnie Mae guarantees timely payment of principal and interest on mortgage-backed securities (MBS) to investors. | |||
|OrganizationExecutive=President | |||
|Employees=55 | |||
|Budget= | |||
|Website=https://www.ginniemae.gov/ | |||
|Services=Mortgage-backed securities (MBS) guarantees; Risk management | |||
|ParentOrganization=U.S. Department of Housing and Urban Development (HUD) | |||
|CreationLegislation=Housing and Urban Development Act of 1968 | |||
|Regulations= | |||
|HeadquartersLocation=38.895182, -77.029402 | |||
|HeadquartersAddress=451 7th Street SW, Washington, DC 20410, United States | |||
}} | |||
The '''Government National Mortgage Association''' ('''GNMA'''), or '''Ginnie Mae''', is a [[government-owned corporation]] of the United States Federal Government within the [[Department of Housing and Urban Development]] (HUD).<ref>{{Cite web |title=Government National Mortgage Association (Ginnie Mae) {{!}} USAGov |url=https://www.usa.gov/agencies/government-national-mortgage-association-ginnie-mae |access-date=2023-07-27 |website=www.usa.gov |language=en}}</ref> It was founded in 1968 and works to expand [[affordable housing]] by guaranteeing housing loans ([[mortgage]]s) thereby lowering [[financing cost]]s such as interest rates for those loans. It does that through guaranteeing to investors the on-time payment of [[mortgage-backed securities]] (MBS) even if homeowners default on the underlying mortgages and the homes are [[foreclose]]d upon. | The '''Government National Mortgage Association''' ('''GNMA'''), or '''Ginnie Mae''', is a [[government-owned corporation]] of the United States Federal Government within the [[Department of Housing and Urban Development]] (HUD).<ref>{{Cite web |title=Government National Mortgage Association (Ginnie Mae) {{!}} USAGov |url=https://www.usa.gov/agencies/government-national-mortgage-association-ginnie-mae |access-date=2023-07-27 |website=www.usa.gov |language=en}}</ref> It was founded in 1968 and works to expand [[affordable housing]] by guaranteeing housing loans ([[mortgage]]s) thereby lowering [[financing cost]]s such as interest rates for those loans. It does that through guaranteeing to investors the on-time payment of [[mortgage-backed securities]] (MBS) even if homeowners default on the underlying mortgages and the homes are [[foreclose]]d upon. | ||