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Government national mortgage Association
It was created in 1968 when Fannie Mae became a private corporation. At the time, Fannie Mae was relieved of two of its duties which were given to Ginnie Mae. Which where:
1. The management and liquidation of certain mortgages previously acquired by the US government.
2. Special assistance functions including the development of the mortgage-backed security program.
Under this mortgage program and investor will purchase the pool of mortgages and receive a certificate. There is no need to examine each mortgage. Since Ginnie Mae S. a federal corporation, it's a guarantee is backed by the full faith and credit of the US government. |