government national mortgage association

Government National Mortgage Association. A federally owned corporation in the U.S. Department of Housing and Urban Development responsible for guaranteeing mortgage-backed securities composed of FHA-insured or VA-guaranteed mortgage loans. • The Association purchases, on the secondary market, residential mortgages originated by local lenders; it then issues federally insured securities backed by these mortgages. — Abbr. GNMA. — Also termed Ginnie Mae. [Cases: United States 53(9).]

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