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Gnma

• Is the Government National Mortgage Association or Ginnie Mae.

• The Government National Mortgage Association, known as "GinnieMae," issues mortgage pass-through securities, which are guaranteed by the full faith and credit of the US Government.

 
 Embedded terms in definition
 Credit
Ginnie mae
Mortgage
Securities
 
 Referenced Terms
 Chicago board of trade: Abbreviated CBOT. The oldest commodity exchange in the United States; established in 1886. The exchange lists agricultural commodity futures such as corn, oats, and soybeans, in addition to more recent innovations such as Gnma mortgages and the NASDAQ 100 Index.

 Federal national mortgage association: Abbreviated FNMA, like Gnma was chartered under the Federal National Mortgage Association Act in 1938. FNMA is a federal corporation working under the auspices of the Department of Housing and Urban Development (HUD). It is the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the corporation is called, is a private stockholder-owned corporation. The corporation's purchases include a variety of adjustable mortgages and second loans, in addition to fixed-rate mortgages. FNMA's securities are also highly liquid and are widely accepted. FNMA assumes and guarantees that all security holders will receive timely payment of principal and interest.Federal National Mortgage Association is one of the three Government Sponsored Agencies.

 Gnma midget: A Gnma pass-through certificate backed by fixed rate mortgages with a 15 year maturity. GNMA Midget is a dealer term and is not used by GNMA in the formal description of its programs.

 Gnma pass through certificate: Fixed-income securities that represent an undivided interest in a pool of federally insured mortgages put together by Gnma, the Government National Mortgage Association (Ginnie Mae).

 Government national mortgage association gnma or ginnie mae: Securities influencing the volume of bank credit guaranteed by Gnma and issued by mortgage bankers, commercial banks, savings and loan associations, and other institutions. Security holder is protected by full faith and credit of the U.S. Government. Ginnie Mae securities are backed by the FHA, VA or FmHA mortgages. The term pass throughs is often used to describe Ginnie Maes.Government National Mortgage Association is one of the three Government Sponsored Agencies.A wholly owned U.S. government corporation within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by approved services that are collateralized by FHA-issued, VA-guaranteed, or Farmers Home Administration (FmHA)-guaranteed mortgages.

 
 Related Terms
 Gnma i
Gnma ii
Gnma midget
Gnma pass through certificate
Government national mortgage association gnma or ginnie mae

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