Government National Mortgage Association [GNMA] Law and Legal Definition
The Government National Mortgage Association (GNMA) is a federal corporation promoting home ownership. It was established by the U.S. government in 1968. It is also known as Ginnie Mae. The GNMA guarantees by allowing mortgage lenders to obtain a better price for their loans in the capital market. The GNMA purchases residential mortgages originated by local lenders and issues federally insured securities backed by these mortgages. This also helps to lower financing costs and create opportunities for sustainable, affordable housing for families seeking home ownership.
All powers and duties of the GNMA are vested in the Secretary of Housing and Urban Development. It is administered under the direction of the Secretary. The Secretary determines the general policies governing operations of the GNMA. It also has power to adopt, amend, and repeal bylaws governing the performance of the powers and duties granted to or imposed upon it by law.[Government Nat'l Mortg. Asso. v. Terry, 608 F.2d 614, 619 (5th Cir. Ga. 1979)]
Legal Definition list
- Government National Mortgage Association [GNMA]
- Government Mortgage
- Government Intervention
- Government in the Sunshine Act
- Government Furnished Equipment [Aeronautics and Space]
- Government Obligation
- Government of a Foreign Country
- Government Owned Invention [Patents]
- Government Pension Plan
- Government Printing Office
- Government Procurement
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- Abuses of Governmental Power Identified Under “Watergate”
- Academy for International Conflict Management and Peacebuilding [USIP]
- Access Control List [National Security]
- Access Control Mechanism [National Security]
- Accessible Space [National Security]
- Accompanying the Federal Government Outside the United States
- Activity of Multinational Enterprises
- Adjustable Rate Mortgage
- Adjustable Rate Mortgage Caps
- Adjustable Rate Mortgage Loan
