Government National Mortgage Association
For over 50 years, the Governmental National Mortgage Association (Ginnie Mae) has played a central role in expanding access to affordable homeownership for millions of veterans, rural borrowers, and low- and moderate-income Americans. By channeling global capital into the U.S. housing market, we help ensure mortgage lenders have reliable financing to offer government-insured and guaranteed loans backed by the Federal Housing Administration (FHA), Veterans Affairs (VA), United States Department of Agriculture’s Rural Development (USDA-RD), and Public and Indian Housing (PIH). This support ensures stability and reliability of government lending in all market conditions. As a key participant in the U.S. Agency mortgage-backed securities (MBS) market - the second largest global fixed income market after U.S. Treasuries - Ginnie Mae offers the only MBS to carry the full faith and credit of the U.S. government. This government guarantee provides investors the confidence that creates a deeply liquid market for Ginnie Mae MBS while protecting U.S. taxpayers. Ginnie Mae currently guarantees a portfolio with $2.7 trillion in Outstanding Principal Balance, representing more than 14 million single family and multifamily borrowers, and roughly a third of the MBS market. Average daily trading volume is more than $350 billion. If you’re a housing finance professional committed to innovation and expanding access to affordable homeownership, we encourage you to connect with us. Together, we can help shape the future of housing finance. Learn more at https://www.ginniemae.gov/. You can also find us on these social media sites: X: https://x.com/GinnieMaeGov Facebook: https://www.facebook.com/ginniemae.gov/ YouTube: https://www.youtube.com/@GNMAGovwww.ginniemae.gov
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Search complete. 39 mentions across 20 episodes found for "Government National Mortgage Association".
Sep 25, 2026
Sarah WheelerHOST
I'm joined by lead analyst Logan Mohtashami to talk about how the midterms could affect housing.
Sarah WheelerHOST
Before we dive in, here are the top five trending stories on housingwire.com. First is hot economic data sends mortgage rates to yearly highs, followed by Ginnie Mae's Gormley signals no change to FHA MIP for now.
Sarah WheelerHOST
Then we have HouseCanary files for Chapter 11 bankruptcy in New Jersey, and the mortgage rule book is getting less prescriptive.
Sarah WheelerHOST
Finally, we have new home sales are at an eight-month high, but still stuck after 10 years.
Erin DeeHOST
But I also think another factor that goes into it is what type of servicing that they have.
Erin DeeHOST
If you're somebody who's real heavy in the Ginnie Mae space, you're real heavy into some of those FHA loans where you're dealing with a lot of default servicing that gets very expensive very quick.
Erin DeeHOST
I think those are going to have even more of a struggle if their origination side loses so much volume that servicing can't even make up for it.
Coby HakalirHOST
Yeah, I mean, the real discussion here is what happens to those that don't have the hedge? I mean, so the hedge at least gives you some breathing room, even if it squeezes your profit margins, but the ones that don't have that edge, they're in deep shit right now, right?
Alan KringHOST
And then it sells pieces of those to massive investors, like nations, trust funds, sometimes even pension funds.
Alan KringHOST
The names you may, I don't know if you've ever heard of them, the names of these secondary mortgage markets, one is Ginnie Mae, one's another called Fannie Mae, and another one's called Freddie Mac.
Alan KringHOST
There even used to be one, I don't even know if it's around anymore, called Sallie Mae.
Alan KringHOST
That was student loans.
Alan KringHOST
They just, they're gone.
Alan KringHOST
The banks just sell those in the blink of an eye.
Alan KringHOST
Just push a couple of buttons and the loan is sold to Fannie Mae or to Ginnie Mae or to Freddie Mac.
Alan KringHOST
That's just how that works.
Robbie ChrismanHOST
Some companies out there are providing a credit enhancement for home equity loans and HELOCs, creating more loan opportunities and measurable growth for your home equity portfolio by expanding your CLTV and guideline parameters.
Robbie ChrismanHOST
I was in Schenectady at the New York MBA, and the conversation in the hallways included Ginnie Mae's focus on liquidity, continuing to have young people enter the business, bottlenecks for Fannie Mae like affordability pressures due to the lock-and-effect laws and regulations, zoning and permitting, land and lumber, anyways, the MBA seeing origination activity continuing to be constrained, and companies finding ways to provide more borrower eligibility in a responsible manner.
Robbie ChrismanHOST
Servicing and its fair value is always a topic.
Robbie ChrismanHOST
For almost four years, bank mortgage servicing rights, or MSR, fair values have exceeded the 1.5% of unpaid principal balance threshold.
Alan KringHOST
It is this vast trillions of dollars ocean of these giant balls of Loans, all smooshed together and those become super instruments.
Alan KringHOST
The financial things that do this, they have names like Ginnie Mae and Fannie Mae and Freddie Mac.
Alan KringHOST
There used to be even one for student loans.
Alan KringHOST
It was called Sallie Mae.
Brian VieauxGUEST
Like they've really leaned into e-note adoption.
Brian VieauxGUEST
Like they're north of 75% probably on their, on the Ginnie Mae for sure.
Brian VieauxGUEST
You can go check the study, but I think they pegged like an $8 million a year incremental savings to their operation because of their ability to adopt a fully, you know, e-mortgage, e-note process.
Brian VieauxGUEST
And so, you know, even the smaller lenders, if they can get half of their production in that category, it does make a meaningful difference in their operational cost to produce, and ultimately the, you know, the rate and fees that they pass along to consumers.
Alexander ReisenbichlerGUEST
I haven't mentioned, I think, the government agencies in the United States that support housing from the Federal Housing Administration to the Department of Veteran Affairs to...
Alexander ReisenbichlerGUEST
Fannie Mae, Freddie Mac, Ginnie Mae, all of those institutions are huge quasi-public agencies that support housing finance in really profound ways.
Alexander ReisenbichlerGUEST
And then finally, the third layer or dimension I look at here is central bank policy because sometimes central banks actually go into the open market, as they say, into capital markets and buy housing bonds, so mortgage-backed securities.
Alexander ReisenbichlerGUEST
And if you buy a mortgage-backed security at a large scale, and central banks have that scale, then you actually bring down mortgage costs for homeowners and you stimulate the economy, right? So that was, in the United States, a big objective of the Fed, especially after 2008.
26 MINS LATER
Alexander ReisenbichlerGUEST
For the American case, it's of course also very difficult to sort of break away from the status quo that you have there.
Alexander ReisenbichlerGUEST
But I think a lot of the things are already in place that could produce more affordable housing.
Alexander ReisenbichlerGUEST
So, for example, the Federal Housing Administration and government-sponsored enterprises Fannie Mae, Freddie Mac, and Ginnie Mae, their portfolios of support are very much biased in favor of homeownership.
Alexander ReisenbichlerGUEST
But they also support rental housing to a much, much lesser degree when it comes to volume.
Robbie ChrismanHOST
And in an industry where we'll be lucky to hit $2 trillion in originations this year, it's a juicy target.
Robbie ChrismanHOST
Do you ever wonder what happens to your FHA and VA loans? Ginnie Mae's mortgage-backed securities portfolio outstanding grew to $3.01 trillion as of August 2026.
Robbie ChrismanHOST
In addition, Ginnie Mae issued $52.14 billion in total MBS, resulting in net portfolio growth of $24.46 billion.
Robbie ChrismanHOST
Year-to-date, Ginnie Mae facilitated the pooling and securitization of more than 478,000 first-time homebuyer loans.
Robbie ChrismanHOST
And the Fed's return to tightening has restored some investor confidence in its commitment to fighting inflation.
Robbie ChrismanHOST
With Wednesday's unanimous 25 basis point hike and Chair Warsh's hawkish message emphasizing that inflation remains the primary problem, while growth is proving more resilient than expected.
Steve NisonGUEST
And back then in the early 80s, T-bill futures were important.
Steve NisonGUEST
Ginnie Mae, for you all, time was out there.
Steve NisonGUEST
Ginnie Mae futures were important.
Steve NisonGUEST
Since I got involved in technical analysis, step forward, just going through the years very quickly.
Steve NisonGUEST
I wound up at Merrill Lynch.
Alex ChanskyHOST
Thank you.
Alex ChanskyHOST
One other thing I want to touch on today is that we've seen some Ginnie Mae borrowers taking out some really high LTV loans, including mortgages paired with rate buy downs.
Alex ChanskyHOST
Can you tell us a little bit about what risks are new here and maybe how should we think about those risks? The first
Dimitri RibineGUEST
implication is that what used to be the subprime mortgage market today is entirely the Ginnie Mae market.
Dimitri RibineGUEST
The high LTV up to 97 or 100 LTV And low FICO, and that's down to 600 FICO or lower, borrower is borrowing almost exclusively through the Gini market.
Dimitri RibineGUEST
There isn't much of a private market for that.
Dimitri RibineGUEST
If I do that, the consumer essentially gets a lower mortgage.
Dimitri RibineGUEST
It makes the house more affordable.
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