| 单词 | government national mortgage association |
| 释义 | Government National Mortgage AssociationGovernment National Mortgage Association:see under Federal National Mortgage AssociationFederal National Mortgage Association(FMNA), commonly known as Fannie Mae, government-sponsored enterprise that is the largest purchaser and guarantor of home mortgages in the country. Headquartered in Washington, D.C. ..... Click the link for more information. . Government National Mortgage AssociationGovernment National Mortgage AssociationThe Government National Mortgage Association (GNMA), also known as Ginnie Mae, is a corporation wholly owned by the federal government. Created by the Housing and Urban Development Act of 1968, 825 Stat. 491, GNMA is designed to support the federal government's housing programs by establishing a secondary market for the sale and purchase of residential mortgages. During the late 1960s, the federal government expressed concern that available credit for low-income housing was insufficient to meet the growing demand. In response GNMA began issuing certificates to obtain additional funds for government-backed, low-income mortgages. GNMA certificates entitle their holders to receive a portion of the income derived from a residential mortgage pool approved by the government. A residential mortgage pool consists of a group of mortgages that are issued by private lenders, including commercial banks and savings and loan institutions. The mortgages in this group have similar terms and interest rates. If the pool is approved by GNMA, it is placed into a trust, from which it is sold to investors by Securities dealers. Some pools include more than one thousand residential mortgages. The revenue generated by the sale of these pools helps make additional credit available for low-income residential mortgages insured by government agencies such as the Federal Housing Administration (FHA), the veterans administration (VA), and the Farmers Home Administration. The Housing and Urban Development Department, which is responsible for administering GNMA, oversees the entire program. GNMA mortgage pools are considered stable investments by securities dealers and investors alike. The timely payment of principal and interest on each mortgage is guaranteed by GNMA and the full faith and credit of the federal government. GNMA enjoys unlimited authority to borrow funds from the U.S. Treasury in order to make good on this guarantee. By developing a stable and viable secondary market for government-backed residential mortgages, GNMA has originated more than $1 trillion in securities trading. The revenue generated through this secondary market has enabled more than 19 million low-income families to purchase homes and provided the U.S. Treasury with annual receipts sometimes exceeding $400 million. In 1994 President bill clinton outlined the National Homeowners Strategy, which spurred GNMA to undertake an intense and sweeping review of its practices and programs. In addition, GNMA has been working to satisfy internal mandates that require it to enhance its customer service, improve its relations with other businesses, and better market its securities. GNMA has incorporated the latest technology and automation to achieve these goals and has hired consultants to market its residential mortgage pools. GNMA continues to streamline its documentation procedures and make efforts to eliminate paperwork, such as accepting electronic confirmation of insurance rather than relying on paper insurance certificates. It has begun an ambitious program to increase home ownership by minority families. Since its inception in 1968, GNMA has given more than 27 million families access to affordable mortgage costs. On November 20, 2002, GNMA announced that it had overseen the origination of $2 trillion in mortgage-backed securities. Further readingsBenson, John D. 1991. "Ending the Turf Wars: Support for a CFTC/SEC Consolidation." Villanova Law Review 36. Ginnie Mae. Available online at <www.ginniemae.gov/index.asp> (accessed July 26, 2003). Hadaway, Beverly L., and Paula C. Murray. 1986. "Mortgage Backed Securities: An Investigation of Legal and Financial Issues." Journal of Corporation Law 11. Malloy, Robin P. 1986. "The Secondary Mortgage Market: A Catalyst for Change in Real Estate Transactions." Southwestern Law Journal 39. Cross-referencesCorporations; Credit; Mortgage. Government National Mortgage AssociationGovernment National Mortgage Association (Ginnie Mae)Government National Mortgage AssociationGovernment National Mortgage AssociationGovernment National Mortgage Association (Ginnie Mae).The Government National Mortgage Association, known as Ginnie Mae, guarantees mortgage-backed securities issued by approved private institutions and marketed to investors through brokerage firms. The agency's dual mission is to provide affordable mortgage funding while creating high-quality investment securities that offer safety, liquidity, and an attractive yield. Ginnie Mae securities are backed by mortgages that are insured by either the Federal Housing Administration (FHA) or the Rural Housing Service (RHS), or guaranteed by the Department of Veterans Affairs (VA). Ginnie Mae securities are sold in large denominations -- usually $25,000. But you can buy Ginnie Mae mutual funds, which allow you to invest more modest amounts. Ginnie Mae is an agency of the US Department of Housing and Urban Development (HUD). Government National Mortgage Association (GNMA)Almost always referred to by its popular name—see Ginnie Mae. Government National Mortgage Association (GNMA)A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages. See Secondary Markets/Ginny Mae. |
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