Is Ginnie Mae backed by the federal government?
Asked a year ago
Yes, Ginnie Mae is backed by the federal government. As a government-owned corporation, it operates within the Department of Housing and Urban Development (HUD). Ginnie Mae's main function is to guarantee mortgage-backed securities (MBS) that are backed by federally insured or guaranteed loans, such as those insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). This guarantee ensures that investors receive timely principal and interest payments on MBS, even if the borrowers default. The full faith and credit of the United States government back Ginnie Mae, meaning that it guarantees the timely payment of principal and interest on the MBS, further solidifying its federal backing.
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