Housing and Urban Development Department

The Federal Housing Enterprise Oversight Office oversees the financial safety and soundness of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to ensure that they are adequately capitalized and operating safely.

The Government National Mortgage Association (GNMA) was created in 1968 under the National Housing Act of 1934 and its subsequent amendments. GNMA, also known as 'Ginnie Mae' was created as a Government-owned corporation within the Department of Housing and Urban Development. The mission of Ginnie Mae, is to support expanded affordable housing by providing an efficient Government-guaranteed secondary market vehicle to link the capital markets with Federal housing markets. Ginnie Mae guarantees mortgage-backed securities composed of FHA-insured or VA-guaranteed mortgage loans that are issued by private lenders and guaranteed by GNMA with the full faith and credit of the United States. Through these programs, Ginnie Mae increases the overall supply of credit available for housing by providing a vehicle for channeling funds from the securities market into the mortgage market.