Government National Mortgage Association (GNMA): A federal agency created in 1968 when the Federal National Mortgage association (FNMA) was partitioned into two separate corporations. Ginnie Mae, as it is popularly called, is a corporation without capital stock and is a division of HUD. The GNMA operates the special assistance aspects of federally aided housing programs and has the management and liquidating functions of the old FNMA. The FNMA is authorized to issue and sell securities backed by a portion of its mortgage portfolio, with the GNMA guaranteeing payment on such securities.

 

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