The Ginnie Mae II MBS program was introduced in 1983 in response to the changing demands of the secondary mortgage marketplace. Ginnie Mae II MBS are modified pass-through mortgage-backed securities for which registered holders receive an aggregate principal and interest payment from a central paying agent.
Participants in the Ginnie Mae II program issue securities backed by single-family loans. The Ginnie Mae II MBS are modified pass-through MBS on which registered holders receive an aggregate principal and interest payment from a central paying agent on all of their Ginnie Mae II MBS.
A Ginnie Mae pass-through is a bond backed by mortgages guaranteed by the GNMA, entitling the buyer to part of a pool of residential mortgages. These securities are called pass-throughs because the investor receives both the principal and interest from the bank or originating mortgage supplier, who retains no margin or profit.
The Ginnie mae model significantly limits the taxpayers’ exposure to risk associated with secondary market transactions. Its strategy is to guarantee a simple pass-through security to lenders rather than buy loans and issue its own securities.
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Agency vs. Privately Issued CMOs. Many mortgage pass-through securities are guaranteed by the Government National Mortgage Association (GNMA, or Ginnie Mae), an agency of the U.S. government, or by U.S. government-sponsored enterprises (GSE) such as the Federal National Mortgage Association (FNMA, or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac).
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(FNMA or Fannie Mae) began issuing mortgage securities. Mortgage pass-through securities may be pooled again to create collateral for a more complex type of mortgage security known as collateralized mortgage obligations (CMOs). CMOs may also be referred to as a Real Estate Mortgage Investment Conduit (REMIC). CMOs and REMICs (terms which are
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Ginnie Mae, unlike Fannie Mae and Freddie Mac, does not utilize either a core prospectus or prospectus supplement to disclose information regarding its guaranteed pass-through MBS issuances. Instead, Ginnie Mae requires each issuer to use a single required.
Ginnie Mae II MBS are modified pass-through mortgage-backed securities for which registered holders receive an aggregate principal and interest payment from a central paying agent. An Issuer may.
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