Government National Mortgage Association (Ginnie Mae)
- Homepage: http://www.ginniemae.gov/
May 2004: "At Ginnie Mae, we help make affordable housing a reality for millions of low- and moderate-income households across America by channeling global capital into the nation's housing markets. Specifically, the Ginnie Mae guaranty allows mortgage lenders to obtain a better price for their mortgage loans in the secondary market. The lenders can then use the proceeds to make new mortgage loans available.
Ginnie Mae does not buy or sell loans or issue mortgage-backed securities (MBS). Therefore, Ginnie Mae's balance sheet doesn't use derivatives to hedge or carry long term debt.
What Ginnie Mae does is guarantee investors the timely payment of principal and interest on MBS backed by federally insured or guaranteed loans mainly loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Other guarantors or issuers of loans eligible as collateral for Ginnie Mae MBS include 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)."http://www.ginniemae.gov/about/about.asp?Section=About
Role Name Type Last Updated Owned by (partial or full, past or present) US Federal Government - Independent Agencies Organization May 4, 2005
Articles and Resources
Date Fairness.com Resource Read it at: Mar 31, 2011 Report Criticizes High Pay at Fannie and Freddie
QUOTE: When the government stepped in to support some of the nation’s biggest financial institutions in 2008, compensation became an issue of concern to taxpayers... The executives at Fannie and Freddie received far more than their counterparts at other federal housing agencies.
New York Times Feb 22, 2008 Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish
QUOTE: Judges in at least five states have stopped foreclosure proceedings because the banks that pool mortgages into securities and the companies that collect monthly payments haven't been able to prove they own the mortgages. The confusion is another headache for U.S. Treasury Secretary Henry Paulson as he revises rules for packaging mortgages into securities.
Apr 10, 2004 Some FHA Borrowers Find There's More to Pay At End of Mortgage
QUOTE: When you pay off your mortgage, the interest charges stop immediately, right?
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