The Government National Mortgage Association (GNMA), or Ginnie Mae, was established in the United States in 1968 to promote home ownership. As a wholly owned government corporation within the Department of Housing and Urban Development (HUD), Ginnie Mae’s mission is to expand affordable housing in the United States by channeling global capital into the nation’s housing finance markets. The Ginnie Mae guarantee allows mortgage lenders to obtain a better price for their loans in the capital markets. Lenders then can use the proceeds to make new mortgage loans available to consumers. This also helps to lower financing costs and create opportunities for sustainable, affordable housing for families seeking home ownership.
Read more about Government National Mortgage Association: History, Business, Role in The Housing Recovery, Government-sponsored Enterprises and Government-owned Enterprises
Famous quotes containing the words government, national, mortgage and/or association:
“The only government that I recognize—and it matters not how few are at the head of it, or how small its army—is that power that establishes justice in the land, never that which establishes injustice.”
—Henry David Thoreau (1817–1862)
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Wild as wind, and light as feather
Bid the slaves of thrift farewell.”
—Samuel Johnson (1709–1784)
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