La Government National Mortgage Association, communément appelée Ginnie Mae, est une société du gouvernement fédéral des États-Unis. Ginnie Mae contribue à garantir le paiement en temps voulu du principal et des intérêts des titres adossés à des prêts hypothécaires aux prêteurs agréés. Ces titres adossés à des hypothèques sont des prêts hypothécaires conditionnés qui sont vendus aux investisseurs.
While Ginnie Mae does not actively or directly offer mortgages, it guarantees them for certain individuals for housing. Because the loans are guaranteed by the government, interest rates and borrowing costs tend to be lower. If a mortgage borrower fails to make payments on a property, Ginnie Mae will cover it, reducing risk for mortgage providers and lenders. This comes at the expense of the American taxpayer, however.
It was founded in the late ’60s with the purpose of expanding affordable housing. This is done by guaranteeing mortgages in order to lower financing costs such as interest on mortgages.
Ginnie Mae is often compared with Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation). All of these organizations have a similar purpose of making housing more affordable. While Ginnie Mae and Freddie Mac are sponsored by the US federal government, Ginnie Mae is fully owned by the government. This means that it has the full backing of the US Government and all that entails.
Another thing that sets these corporations apart is their clientele and services. Ginnie Mae focuses on unconventional loans. This includes (FHA) Federal Housing Administration loans, (VA) Veteran Association loans, and (USDA) US Department of Agriculture loans.