Definition of GNMA: The Government National Mortgage Association is a U.S. government owned corporatin withing the Department of Housing and Urban Development (HUD). GNMA was created in 1968 by a partition of Fannie Mae (Federal National Mortgage Association. Unlike Fannie Mae, GNMA mortgage-backed securities enjoy backing by the full faith and credit of the United States Government.
Ginnie Mae provides guarantees on mortgage-backed securities (MBS) backed by federally insured or guaranteed loans, mainly loans issued by the Federal Housing Administration, Department of Veterans Affairs, Rural Housing Service, and Office of Public and Indian Housing. GNMA securities are the only MBS that are guaranteed by the United States government.
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