Ginnie Mae

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Related to Government National Mortgage Association: GNMA II

Gin·nie Mae

 (jĭn′ē mā′)
n.
A security issued by the Government National Mortgage Association and secured by mortgages serviced by certain federal agencies.

[Alteration of G(overnment) N(ational) M(ortgage) A(ssociation).]

Gin•nie Mae

(ˈdʒɪn i ˈmeɪ)

n.
1. a federal agency that helps finance government-guaranteed home mortgages through the sale of securities.
2. any security sold by Ginnie Mae.
[1970–75; from the initials GNMA Government National Mortgage Association, the former name]
References in periodicals archive ?
(B) in obligations, participations, or other instruments of, or issued by, the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, including obligations fully guaranteed as to principal and interest by such entities;
In October 2005, the CBOT marked the 30th anniversary of the Exchange's first financial futures contract, based on Government National Mortgage Association mortgage-backed certificates.
The Government National Mortgage Association, better know as Ginnie Mae, announced it has eliminated the restriction on the size of mortgage loans guaranteed by the VA that can be used as collateral for Ginnie Mae securities.
For a fee, brokers would draft and handle the paperwork for loans placed with lenders, a government-insured agency like the Federal National Mortgage Association (Fannie Mae) or the Government National Mortgage Association (Ginnie Mae) or even private investors.
The Government National Mortgage Association, commonly known as Ginnie Mae, is a wholly owned government corporation that guarantees mortgage-backed securities (MBS) backed by pools of federally insured or guaranteed mortgage loans.
For example, in December 2004, the Department of Justice accused Fannie Mae of knowingly accepting money that had been lost by the Government National Mortgage Association (Ginnie Mae) in a fraud scheme involving First Beneficial Mortgage Corp., Olympia Mortgage Corp., and United Homes, LLC.
Securities guaranteed by the Government National Mortgage Association, called GNMA securities or Ginnie Mae securities, are about as safe as Treasury bonds and have shown higher yields.
Funding would come from the excess revenues from the Mutual Mortgage Insurance Fund and the Government National Mortgage Association.
Guttentag, writing in 1963, government support was regarded as transitory since it was "hoped that eventually the Treasury's investment can be retired with the proceeds of common stock along with retained earnings, and the function transferred to private ownership." (5) This objective was partially achieved in 1968 when the original Federal National Mortgage Corporation was split into two parts: Government National Mortgage Association, or Ginnie Mae, which remained a government agency, and a successor Fannie Mae (offic ially, still the Federal National Mortgage Association) that was spun off as a private corporation under a federal government charter.
The Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (FHLMC) are examples of government agencies that routinely buy residential mortgages and sell derivative interests therein to investors.
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