Government National Mortgage Association
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| Founded | 1968 |
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Area served
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United States of America |
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Key people
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Theodore W. Tozer (President) Nancy Corsiglia (Executive Vice President & Chief Operating Officer) John T. Daugherty (Senior Vice President of Securities Operations) Deborah A. Hernandez (Senior Leader of Transformation and Engagement) Tawanna Preston (Senior Vice President of Management Operations Keith Donzell (Senior Vice President & Chief Financial Officer) Michael R. Drayne (Senior Vice President of Issuer & Portfolio Management) John F. Getchis (Senior Vice President of Capital Markets) Barbara Cooper-Jones (Senior Vice President of Enterprise Data & Technology Solutions) Gregory A. Keith (Senior Vice President of Enterprise Risk & Chief Risk Officer) |
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Number of employees
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140 |
| Website | www |
The Government National Mortgage Association (GNMA), or Ginnie Mae, was established in the United States in 1968 to promote home ownership. As a wholly owned government corporation within the Department of Housing and Urban Development (HUD), Ginnie Mae’s mission is to expand affordable housing finance in America by linking domestic and global capital to the nation's housing finance markets, providing market liquidity to federally sponsored mortgage lending programs.
The Ginnie Mae guarantee allows mortgage lenders to obtain a better price for their loans in the capital markets. Lenders then can use the proceeds to make new mortgage loans available to consumers. This also helps to lower financing costs and create opportunities for sustainable, affordable housing for families seeking home ownership.
In 1934, during the depths of the Great Depression, Congress responded to the crisis by passing the National Housing Act of 1934, which established the Federal Housing Administration (FHA). One of the principal objectives of the FHA was to increase the flow of capital to the housing markets by insuring private lenders against the risk of mortgage default. FHA also was tasked with chartering and regulating a national mortgage association that would buy and sell FHA-insured mortgages.
In 1938, Congress amended the act to create the Federal National Mortgage Association, more commonly known as "Fannie Mae", to help mortgage lenders gain further access to capital for mortgage loans.
The provisions of the act changed gradually over the years. It was not until 1968, however, in response to a perceived need to further broaden the capital base available for mortgages that the housing finance system began to resemble its current form. As part of the Housing and Urban Development Act of 1968, Congress partitioned Fannie Mae into two entities:
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