Profiles of Existing Government Corporations - US Government ...

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NM: Government National Mortgage Association (GNXA)
CORPORATION PROFILE
PURPOSE: GNMA i8 to l uppxt mmveral federally undervritten
mortgage programs through the purchame and male of mortgage
securitie8. GNUA provide8 l upplementary ammimtance to the
secondary market for ho88 mortgage invlStm8ntS. In addition,
GNM managea and liquidatem federally ovned mortgage portfolioe
and guarantee8 privately immued mortgage-backed mmcurities.
Hortqage purchame authority ham been repealed except that GNl44
may honor outstanding commitmentm.
LEGAL AuTEoRITY: 12 U.S.C. 1716-1723d
DATE CREATED: Auquat 8, 1968
LEGISLATXD TERHIHATION DATE: Succemmion until dismolved by an
act of congrew.
LEGAL STATUS: Wholly owned government corporation
AGXNCY STATUS: Agency vithin the Department of Housing and Urban
Development (HUD)
DOARDOPD~CI'DRS: All pavers and duties of GNMA are invemted
in the Secretary of HUD. The corporation is adminimtered under
the direction of the Secretary through the Premident of the
A8mociation. The premident of GNMA l hall be appointed by the
Prm8ident of the United States, by and vith the conment of the
Senate.
UWISORY BOARD -: Not applicable
PARmT AGmwY: mm
ARILIATBD AGmfcIzs: GNMA mortgage activitie8 are handled vith
the Iederal Home Loan Hortgage Corpcr8tion (PHIHC) and the
Federal National Hortgage Am8ociation (FN?IA). FNHA l rployo*m act
am GNXA agent8 to buy, l arvico, and so11 8ortgag.8. In addition,
the FHINC 8ervice8 8ortgages. GNHA may act am tru8tee for trumts
l mtmblished by the Farmer8 Home Adrini8tration (WHA) in the
Depamont of Agriculture, HUD, the Voteran ~inimtration (VA),
Export-Import Bank, Small Bu8in888 Admini8tration, and the
Department 02 Education. GNUA may purcha88 Federal Houming
Adminimtration (PHA) inmured project loan8 and guarantee
l ecuritie8 backed by loans inmur8d or guaranteed by PHA, VA, or
P'HHA. The home mortgage progrms (mingle-family) wa8 dimcontinued
in the mid-1970'8 due to th8 lack of fod8ral funding. On
November 30,1994 legi8lation vas signed into lav, the Iiouming and
Urban-Rural Recovery Act of 1993, vhich repealed the
authorization cf new funding commitrent under the Tandem
proghmm.