Super Finance Glossary
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Ginnie Mae
Ginnie Mae
Definition: A federal association, working with FHA, that offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. Ginnie Mae's two main programs guarantee payments to investors in mortgage-backed securities, and absorb the write-down of low-interest rate loans that are used to finance low-income housing. Formerly known as the "Government National Mortgage Association (GNMA)."
Definition: A federal association, working with FHA, that offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. Ginnie Mae's two main programs guarantee payments to investors in mortgage-backed securities, and absorb the write-down of low-interest rate loans that are used to finance low-income housing. Formerly known as the "Government National Mortgage Association (GNMA)."
