Examination of the Government National Mortgage Association's Financial Statements for the 15-Month Period Ended September 30, 1976

FOD-77-11: Published: Aug 9, 1977. Publicly Released: Aug 9, 1977.

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The financial statements present fairly the financial position of the Government National Mortgage Association at September 30, 1976, and June 30, l975, and the results of its operations and the changes in its financial position for the periods then ended, in conformity with principles and standards of accounting prescribed by the Comptroller General.

The Association is involved in several programs to stimulate mortgage lending and home building. Through these programs, it: (1) provides special assistance for financing mortgages; (2) manages and liquidates federally owned mortgages; (3) guarantees mortgage-backed securities; and (4) acts as trustee for three trusts. The Association's major activities during fiscal year 1976 were under the special assistance functions tandem plan programs and the mortgage-backed securities guaranty program. Under the mortgage-backed securities guaranty program, the Association had $28.7 billion in outstanding securities at September 30, 1976--$27.1 billion on pass-through securities and $1.6 billion on bond-type securities. The Association does not receive a direct appropriation to finance its operations, but borrows from the U.S. Treasury instead. The amount outstanding at September 30, 1976, was $5,907 million.

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