Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Guarantee the timely payment of principal and interest on mortgage-backed securities backed by government-guaranteed loans

Administering Agency/Entity Government National Mortgage Association (Ginnie Mae)
Short Description Ginnie Mae is a wholly owned government corporation, which guarantees the timely payment of principal and interest on securities issued by financial institutions and backed by pools of federally insured or guaranteed mortgage loans. Ginnie Mae defines its mission as expanding affordable housing by linking capital markets to the nationís housing markets. Ginnie Mae relies on approved issuers to issue and service their mortgage-backed securities, and on agencies (such as The Department of Housing and Urban Development's Federal Housing Administration and Public and Indian Housing, the Department of Veterans Affairs, and the Department of Agriculture), to guarantee the underlying mortgages against borrower default.
Primary Purpose Increase availability of mortgage loans
Type of Housing Supported Homeownership
Type of Assistance Other
Fiscal Year 2010 Obligations -$991,000,000; represents expected credit subsidy costs for Ginnie Mae's guarantees of mortgage-backed securities in fiscal year 2010. These estimates are revised in subsequent years and the ultimate cost is not yet known.

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