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English definition of “Ginnie Mae”

Ginnie Mae

noun     (abbreviation GNMA)
GOVERNMENT, FINANCE the Government National Mortgage Association : a US government organization that guarantees (= promises to pay back) loans of particular home buyers if they are not paid back, allowing the organization that lent the money to make more loans : Ginnie Mae funds invest in federally guaranteed mortgages , whose principal and interest payments are assured by the government .
[C, usually plural] a bond issued by the Government National Mortgage Association : People with money in quasi-government bonds like Ginnie Maes or Freddie Macs have seen those bonds paid off prematurely as rates fell .
(Definition of Ginnie Mae noun from the Cambridge Business English Dictionary © Cambridge University Press)
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