The Government National Mortgage Association, or Ginnie Mae, is a wholly owned federal corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the mortgage-backed security, issuing the very first one in 1970. A mortgage-backed security enables a mortgage lender to aggregate and sell mortgage loans as a security to investors. Ginnie Mae securities carry the full faith and credit guaranty of the United States government, which means that, even in difficult times an investment in Ginnie Mae is one of the safest an investor can make. It is the only agency to offer mortgage-backed securities backed by the full faith and credit of the United States government. In addition to traditional mortgage-backed pass-through securities, Ginnie Mae also administers the multiclass securities program, under which Real Estate Mortgage Investment Conduits and Ginnie Mae Platinum Securities are issued.
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