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:
“In general, the art of government consists in taking as much money as possible from one party of the citizens to give to the other.”
—Voltaire [François Marie Arouet] (1694–1778)
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—For the State of New Jersey, U.S. public relief program (1935-1943)
“Loosened from the minor’s tether;
Free to mortgage or to sell,
Wild as wind, and light as feather
Bid the slaves of thrift farewell.”
—Samuel Johnson (1709–1784)
“... a Christian has neither more nor less rights in our association than an atheist. When our platform becomes too narrow for people of all creeds and of no creeds, I myself cannot stand upon it.”
—Susan B. Anthony (1820–1906)