HUD's FY2001 Budget
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 (RHS) mortgages.

The projected increase in fiscal year 2001 current estimates is proposed to fund expanded on-site visits and monitoring of program participants.

General Support funds the Mortgage-Backed Securities(MBS), Multiclass Securities Program, and related administrative functions.