English version

Ginnie Mae

From Longman Business Dictionary
Related topics: Finance, Organizations
Ginnie MaeGin‧nie Mae /ˌdʒɪni ˈmeɪ/ noun [singular]1ORGANIZATIONSFINANCEPROPERTYthe familiar name for the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, a US government organization that buys home loans from lenders, GUARANTEEs them (=promises to repay them if the borrowers do not repay), and arranges for them to be sold and traded on financial markets as SECURITIES. The money obtained is then used for more loans to home buyersmortgage-backed securities, such as those issued by the Ginnie Mae.2Ginnie MaesFINANCE [plural] bonds sold by the GOVERNMENT NATIONAL MORTGAGE ASSOCIATIONGinnie Maes are backed by the full faith and credit of the US government. see also Fannie Mae, Freddie Mac
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