HUD Archives: FY 2000 Budget Summaries -- Budget Activity 5: Government National Mortgage Association

Budget Activity 5: Government National Mortgage Association

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

SALARIES AND EXPENSES, HOURSING AND URBAN DEVELOPMENT

BUDGET ACTIVITY 5: GOVERNMENT NATIONAL MORTGAGE ASSOCIATION

SCOPE OF ACTIVITY

The Government National Mortgage Association (Ginnie Mae) is responsible for the administration of activities associated with the Mortgage-Backed Securities (MBS) and Multiclass Securities Programs. A brief description of Ginnie Mae's programs is provided below.

Mortgage-Backed and Multiclass Securities. Section 306(g) of the National Housing Act authorizes Ginnie Mae to guarantee the timely payment of principal and interest on securities which are issued by approved entities and which are backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or Rural Housing Service.

TYPE OF ACTIVITY BY FUNCTION

	ACTUAL 1998	ESTIMATE 1999	ESTIMATE 2000
	(Dollars in Thousands)
Guarantees of Mortgage-Backed Securities Issued during year	$130,000,000	$150,000,000	$200,000,000
Outstanding, end of year	541,623,355	545,970,089	557,725,123


MULTICLASS: Issued during year	36,923,000	40,981,741	44,829,924
Outstanding, end of year	83,443,056	118,183,805	154,479,729

TRAVEL

CONTRACTS

General Support funds the Multiclass, MBS, and related administrative function.

Content Archived: January 20, 2009