Ginnie Mae

[jin-ee]

noun

Finance.

1. Government National Mortgage Association.

2. a bond or certificate sold by the Government National Mortgage Association.

Word History and Origins

Origin of Ginnie Mae¹

1970–75; formed from the initials GNMA; Fannie Mae

Example Sentences

“These numbers confirm what households across the country already feel: America faces a deepening cost-of-living crisis,” Alanna McCargo, a nonresident fellow at the Urban Institute and the former president of Ginnie Mae, told MarketWatch.

Read more on MarketWatch

Of the roughly 28,300 FHA loans that Lennar Mortgage originated over the two-year period that are tracked in Ginnie Mae’s MBS database, 27% are now underwater, according to Comiskey.

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The pool of loans underlying the mortgage bond conformed to the standards, in their size and the credit quality of the borrowers, set by one of several government agencies: Freddie Mac, Fannie Mae, and Ginnie Mae.

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“There could be, in the long run, some reduction in home prices,” said Ted Tozer, a fellow with the Urban Institute think tank who previously served as president of government-owned mortgage corporation Ginnie Mae.

Read more on Los Angeles Times

Another entity, Ginnie Mae, ensures payment to investors that bought mortgage bonds holding loans made through other government programs, including the Federal Housing Administration, which lends largely to first-time home buyers; the Department of Veterans Affairs; and others.

Read more on New York Times