Government National Mortgage Association is a corporation owned by the United States government. It works to make housing more affordable in the United States. It is also known by its initials, GNMA, or by the nickname Ginnie Mae. The corporation is part of the Department of Housing and Urban Development.
The GNMA tries to increase the affordability of housing by attracting new investors to the home mortgage market. To attract investors, it guarantees mortgage-backed securities that have been issued by private financial institutions.
The GNMA operates the single most important program for financing home loans that are assisted by the federal government. The program has helped finance millions of home purchases. The GNMA especially tries to help low- and moderate-income families who have difficulty finding decent, affordable housing. The corporation was created in 1968.
