The
Government National Mortgage Association guarantees these mortgage-backed securities with the full support of the federal government.
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.
Leland Brendsel's chapter discusses the special roles and contributions of so-called government sponsored enterprises (GSOs), in the securitization of housing finance: Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fanny Mae) and
Government National Mortgage Association (Ginnie Mae).
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).
Many authorities, or "government corporations," rolled out during this time, including the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the
Government National Mortgage Association and the Tennessee Valley Authority.
One problem with securities such as those issued by
Government National Mortgage Association (Ginnie Mae) is prepayment risk.
Here's how ARMs work: Banks make adjustable rate mortgage loans and typically sell them to government agencies such as the
Government National Mortgage Association (GNMA or Ginnie Mae), the Federal National Mortgage Association (FNMA or Fannie Mae), or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac).
The same housing act that expanded Fannie Mae's power also gave it a little sister, the
Government National Mortgage Association (Ginnie Mae).
The Voya GNMA Income Fund has more than USD1.0 billion in assets under management as of January 1, 2016 and seeks a high level of current income, consistent with liquidity and safety of principal, by investing primarily in
Government National Mortgage Association (GNMA) mortgage-backed securities.