Legislation Would Expand Use of Ginnie Mae
Legislation introduced last week would expand Ginnie Mae (Government National Mortgage Association) and allow it a broader role in mortgage markets. Senate Bill 1620, sponsored by Sen. Wayne Allard (R-Colo.), and House Resolution 3206, introduced by Rep. Marge Roukema (R-N.J.), would put Ginnie Mae in direct competition with Fannie Mae and Freddie Mac and could increase affordable housing opportunities. Ginnie Mae currently backs only home loans guaranteed or insured by government agencies. To view the legislation, click here.