The Government National Mortgage Association is a giant in the American housing industry.  A pioneer of the secondary mortgage market,   only  Ginnie  Mae  provides  the  ‘full  faith  and  credit’ guarantee  of  the  United  States  for  mortgage-backed  securities. Since 1970, it has helped make homeownership possible for more than 26.8 million low- and moderate-income American families. Ginnie   Mae   also   is   committed   to   the   industry   and   the community. Following  the  events  of September  11, 2001, it provided  uninterrupted  service  to  the  mortgage  industry,  and timely assistance to issuers for interest rate buy downs and loan buyouts  for  individuals  and  military  personnel  affected  by  the tragedy.  Because it is integral to the success of HUD’s mission, we are  proud  of Ginnie  Mae’s  accomplishments, its  service, and unblemished record of financial management. Mel Martinez Secretary 2 G i n n i e   M a e   A n n u a l   R e p o r t   2 0 0 1