| In 1968 Congress activated the Govern-ment National Mortgage Association(GNMA) to help finance needed housingby making real estate mortgages attrac-tive to all types of investors regard-less of previous experience with mort-gages. GNMA developed a new type ofmortgage-backed security--the Pass-Through Ginnie Mae--which representsa pool or package of government insuredmortgages. The timely payments ofprincipal and interest on these securitiesare guaranteed by GNMA. In turn, theseguarantees are backed by the full faithand credit of the United States govern-ment.The Ginnie Mae Manual is intended as aguide for both institutional and indi-vidual investors. It is for informationpurposes only. Under no circumstancesis it to be used or considered as an offerto sell, a solicitation of any offer, or anoffer to buy any security. While the in-formation contained in the manual hasbeen obtained from or is based upon~ources believed reliable, the GNMAMortgage-Backed Secttrities Dealers As-sociation does not represent that it isaccurate or complete and should not berelied upon as such. Members of the As-sociation may from time to time havelong or short positions and buy or sellsecurities referred to in the book. |
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