Ronald A. Rosenfeld, President of Ginnie Mae        Speeches

Welcome to the Ginnie Mae Web Site

Supporting the Expansion of Affordable Housing in America

A Note from the President

As President of Ginnie Mae, it is my honor and privilege to lead a team that helps make homeownership a reality for millions of low- and moderate-income Americans. In 2003, we celebrated our 35th anniversary. Over the past three and a half decades, Ginnie Mae has guaranteed more than $2 trillion in mortgage-backed securities — enabling more than 30 million Americans to realize their dream of homeownership.

Ginnie Mae makes affordable housing a reality for millions of Americans by channeling global capital into the nation's housing markets. We're able to do this because Ginnie Mae MBS are the only mortgage-backed securities guaranteed by the full faith and credit of the United States government.

Ginnie Mae has always been a leader in the mortgage market — leading the industry in guaranteeing the timely payment of P&I on securities that are backed by federally guaranteed or insured mortgages. In Fiscal Year 2003, Ginnie Mae-guaranteed securities financed 92.6 percent of all eligible loans insured or guaranteed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). Ginnie Mae securities also financed eligible loans insured or guaranteed by the Rural Housing Service (RHS) and the HUD Office of Public and Indian Housing (PIH).

In response to a rapidly changing mortgage finance market, Ginnie Mae has increased efforts to bring new or improved products to the marketplace. One of our most significant improvements in 2003 was our restructuring of the Ginnie Mae II program.

As we move into Fiscal Year 2004, Ginnie Mae will develop and implement policies and procedures that improve program efficiency and customer service, and ultimately, make its programs attractive to investors. Building upon work in Fiscal Year 2003, Ginnie Mae plans to implement a new hybrid ARM program. This program will allow Ginnie Mae to securitize a range of hybrid mortgages, facilitating the pooling of loans with interest rate adjustment dates 3, 5, 7 and 10 years after origination. Furthermore, in order to satisfy investor demand for additional risk management and yield enhancement securities, we are introducing a Ginnie Mae mortgage-backed strips product that will enable broker/dealers to create interest-only and principal-only securities from Ginnie Mae mortgage-backed securities.

Within the pages of this Web site, issuers, investors and potential homeowners can find up-to-date program information on the Ginnie Mae MBS programs, offering circulars for multiclass issuances, and general information on Ginnie Mae. If you can't find what you're looking for, please contact us at 202-708-1535. Thank you for your interest in Ginnie Mae.

Ronald A. Rosenfeld
President