What is Ginnie Mae?
Asked 6 months ago
Ginnie Mae, short for Government National Mortgage Association, is a government-owned corporation created in 1968. Its primary role is to enhance the efficiency and liquidity of the mortgage market by guaranteeing securities backed by mortgage loans insured or guaranteed by the federal government. Ginnie Mae's guarantee ensures that investors in these securities receive timely payment of principal and interest, even if borrowers default on their mortgage payments. This assurance enables lenders to provide lower interest rates to homebuyers and expands affordable housing opportunities. Ginnie Mae operates through a network of approved lenders who originate and service the mortgage loans. It plays a pivotal role in promoting affordable housing, fostering homeownership, and stabilizing the mortgage market.
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