Ginnie Mae Social Impact and Sustainability

Framework

About Ginnie Mae

Ginnie Mae was chartered in 1968 as a government corporation within the U.S. Department of

Housing and Urban Development (HUD). Ginnie Mae connects global capital markets to

America’s housing finance system through its administration and oversight of the explicit full

faith and credit of the United States government guaranty on Mortgage-Backed Securities 

(MBS), the only such guaranty in the secondary mortgage market. Ginnie Mae has been a

leading social enterprise since its founding more than 55 years ago. The liquidity Ginnie Mae

provides in the housing finance ecosystem enables first time homebuyers, veterans, seniors,

and members of urban, rural, and tribal communities access to affordable housing. Ginnie Mae’s

securitization allows the agency-guaranteed mortgage market to scale and support millions of

households.

Key Points

 Ginnie Mae connects the global capital markets to America’s housing finance system.

 Ginnie Mae has been providing liquidity to support access to affordable housing and 

lending for first first-time homebuyers, low-to-moderate income households, veterans,

seniors, and members of urban, rural, and tribal communities from inception.

 Ginnie Mae MBS disclosure continues to expand, with a special emphasis on social

impact and sustainability, while meeting investor demand for transparency.

 Ginnie Mae is one of the largest and most successful social enterprises operating today.

Ginnie Mae Social Impact and Sustainability Framework 

Ginnie Mae delivers capital via securitization in direct support of U.S. Government Agency

Affordable Housing Programs. These programs have established guidelines to serve their

respective target populations and serve as a public good.

Ginnie Mae Social Impact and Sustainability

Framework

About Ginnie Mae

Ginnie Mae was chartered in 1968 as a government corporation within the U.S. Department of

Housing and Urban Development (HUD). Ginnie Mae connects global capital markets to

America’s housing finance system through its administration and oversight of the explicit full

faith and credit of the United States government guaranty on Mortgage-Backed Securities 

(MBS), the only such guaranty in the secondary mortgage market. Ginnie Mae has been a

leading social enterprise since its founding more than 55 years ago. The liquidity Ginnie Mae

provides in the housing finance ecosystem enables first time homebuyers, veterans, seniors,

and members of urban, rural, and tribal communities access to affordable housing. Ginnie Mae’s

securitization allows the agency-guaranteed mortgage market to scale and support millions of

households.

Key Points

 Ginnie Mae connects the global capital markets to America’s housing finance system.

 Ginnie Mae has been providing liquidity to support access to affordable housing and 

lending for first first-time homebuyers, low-to-moderate income households, veterans,

seniors, and members of urban, rural, and tribal communities from inception.

 Ginnie Mae MBS disclosure continues to expand, with a special emphasis on social

impact and sustainability, while meeting investor demand for transparency.

 Ginnie Mae is one of the largest and most successful social enterprises operating today.

Ginnie Mae Social Impact and Sustainability Framework 

Ginnie Mae delivers capital via securitization in direct support of U.S. Government Agency

Affordable Housing Programs. These programs have established guidelines to serve their

respective target populations and serve as a public good.
Ginnie Mae securitization collateral selection is restricted by law to agency insured or

guaranteed mortgages from the following United States Government Agencies: Federal Housing

Administration (FHA), United States Department of Veterans Affairs (VA), United States 

Department of Agriculture Rural Development (USDA-RD), and HUD’s Office of Public and

Indian Housing (PIH).

Ginnie Mae is wholly owned by the United States Government and resides under the

Department of Housing and Urban Development (HUD). Ginnie Mae’s explicit full faith and

credit guaranty of the U.S. Government of timely payment of principal and interest to its MBS

holders is the only such guaranty in the secondary mortgage market.

Ginnie Mae securitization provides a sustainable and unique service in making homeownership

more affordable, accessible, and equitable for our nation’s low-to-moderate income (LMI)

borrowers, veterans, senior citizens, and rural and tribal communities. The proceeds from the

sale of Ginnie Mae Primary Issuance MBS are a source of capital to finance the specific

residential mortgage loans collateralizing the Ginnie Mae MBS.

The explicit government guaranty removes borrower credit risk, resulting in a lower risk adjusted

mortgage rate for the borrower. The respective U.S. Government Agency home loan insurance

enables the borrower to enter home ownership earlier by alleviating the financial hurdle of a

typical home mortgage borrower’s equity down payment requirement.

Ginnie Mae provides reporting for all its guaranteed securities through its disclosure process

monthly. Additionally, Ginnie Mae releases the Global Markets Analysis Report monthly to 

Ginnie Mae securitization collateral selection is restricted by law to agency insured or

guaranteed mortgages from the following United States Government Agencies: Federal Housing

Administration (FHA), United States Department of Veterans Affairs (VA), United States 

Department of Agriculture Rural Development (USDA-RD), and HUD’s Office of Public and

Indian Housing (PIH).

Ginnie Mae is wholly owned by the United States Government and resides under the

Department of Housing and Urban Development (HUD). Ginnie Mae’s explicit full faith and

credit guaranty of the U.S. Government of timely payment of principal and interest to its MBS

holders is the only such guaranty in the secondary mortgage market.

Ginnie Mae securitization provides a sustainable and unique service in making homeownership

more affordable, accessible, and equitable for our nation’s low-to-moderate income (LMI)

borrowers, veterans, senior citizens, and rural and tribal communities. The proceeds from the

sale of Ginnie Mae Primary Issuance MBS are a source of capital to finance the specific

residential mortgage loans collateralizing the Ginnie Mae MBS.

The explicit government guaranty removes borrower credit risk, resulting in a lower risk adjusted

mortgage rate for the borrower. The respective U.S. Government Agency home loan insurance

enables the borrower to enter home ownership earlier by alleviating the financial hurdle of a

typical home mortgage borrower’s equity down payment requirement.

Ginnie Mae provides reporting for all its guaranteed securities through its disclosure process

monthly. Additionally, Ginnie Mae releases the Global Markets Analysis Report monthly to 

inform Ginnie Mae investors and stakeholders of trends and new developments.

Targeted Populations

Ginnie Mae’s social impact and sustainability commitment is defined by households and

communities served by the underlying United States government agencies which insure or

guaranty the loans that collateralize Ginnie Mae MBS, or their “Targeted Populations.” These

agencies are the U.S. Department of Housing and Urban (HUD)’s Federal Housing

Administration (FHA) and Office of Public and Indian Housing (PIH), the United States

Department of Veteran Affairs (VA), and the U.S. Department of Agriculture’s Rural

Development (USDA-RD). Ginnie Mae and its guaranty act as a multiplying force for these

programs, leveraging global capital to provide additional liquidity, enabling lenders to serve even
more households. The Targeted Populations for Ginnie Mae’s programs include first-time

homebuyers, low-to-moderate income households, veterans, seniors, and members of urban,

rural, and tribal communities.

 Federal Housing Administration (FHA)

Created in 1934, the Federal Housing Administration (FHA) is part of the U.S.

Department of Housing and Urban Development. FHA provides mortgage insurance on

loans made by FHA-approved lenders. FHA insures mortgages on single-family homes,

multifamily properties, residential care facilities, and hospitals throughout the United 

States and its territories. Over 99 percent of FHA single-family and multifamily 

mortgages are packaged into Ginnie Mae MBS. FHA's Single-Family mortgage 

programs help prospective homebuyers and current homeowners finance or refinance a 

home for purchase, renovations or repairs, energy-efficiency improvements, new

construction, and Home Equity Conversion Mortgage (HECM) for aging populations.

FHA’s multifamily programs include rental housing, green or energy efficient properties,

hospitals, and assisted living facilities. For investors in Ginnie Mae MBS, green building

disclosure provides additional transparency of loan collateral quality. Further, such

disclosure—along with HUD’s underwriting policies—provides investors with the facts

needed to assess social impact and sustainability factors. Impact investing has grown in

popularity in recent years, and this disclosure supports investment selection for buildings 

that are certified to be energy efficient during HUD’s loan underwriting process. To 

explore more about FHA’s programs, please visit FHA Programs.

more households. The Targeted Populations for Ginnie Mae’s programs include first-time

homebuyers, low-to-moderate income households, veterans, seniors, and members of urban,

rural, and tribal communities.

 Federal Housing Administration (FHA)

Created in 1934, the Federal Housing Administration (FHA) is part of the U.S.

Department of Housing and Urban Development. FHA provides mortgage insurance on

loans made by FHA-approved lenders. FHA insures mortgages on single-family homes,

multifamily properties, residential care facilities, and hospitals throughout the United 

States and its territories. Over 99 percent of FHA single-family and multifamily 

mortgages are packaged into Ginnie Mae MBS. FHA's Single-Family mortgage 

programs help prospective homebuyers and current homeowners finance or refinance a 

home for purchase, renovations or repairs, energy-efficiency improvements, new

construction, and Home Equity Conversion Mortgage (HECM) for aging populations.

FHA’s multifamily programs include rental housing, green or energy efficient properties,

hospitals, and assisted living facilities. For investors in Ginnie Mae MBS, green building

disclosure provides additional transparency of loan collateral quality. Further, such

disclosure—along with HUD’s underwriting policies—provides investors with the facts

needed to assess social impact and sustainability factors. Impact investing has grown in

popularity in recent years, and this disclosure supports investment selection for buildings 

that are certified to be energy efficient during HUD’s loan underwriting process. To 

explore more about FHA’s programs, please visit FHA Programs.

 Public and Indian Housing (PIH)

HUD’s Office of Public and Indian Housing (PIH) ensures safe, decent, and affordable

housing, creates opportunities for residents' self-sufficiency and economic 

independence, and assures the fiscal integrity of all program participants. PIH mortgage

lending supports public housing and homeownership. Ginnie Mae’s MBS program

creates liquidity for the financing of PIH’s Section 184 and 184A mortgage loan

programs. These programs are crucial tools to foster economic development and

financial independence for individuals and families living in American Indian, Alaska 

Native, and Native Hawaiian communities. To explore these mortgage loan programs,

please visit Public and Indian Housing.

 U.S. Department of Veterans Affairs (VA)

VA helps servicemembers, veterans, and eligible surviving spouses become 

homeowners. As part of VA mission to serve, VA provides a home loan guaranty benefit

and other housing-related programs to help you buy, build, repair, retain, or adapt a

home for your own personal occupancy. Ginnie Mae’s MBS program is the conduit for

VA-insured mortgage lending, creating liquidity to finance single-family housing for

active-duty service members, veterans, and their surviving spouses. To explore more VA

housing benefits, please visit VA Housing Assistance.

 U.S. Department of Agriculture Rural Development (USDA-RD)

USDA Rural Development offers a variety of programs to build or improve housing and 

essential community facilities in rural areas. USDA-RD offers loans, grants, and loan

guarantees for single and multifamily housing, childcare centers, fire and police stations,

hospitals, libraries, nursing homes, schools, first responder vehicles and equipment,

housing for farm laborers and much more. USDA-RD invests in rural America with loan,

grant, and loan guarantee programs because they understand a strong community is 
rooted in its people. The commitment and resources USDA-RD brings to rural

communities help drive economic security and prosperity. Ginnie Mae’s MBS program

creates liquidity to finance USDA Rural Development-insured or guaranteed mortgage

lending. This supports single-family and multifamily housing, rental housing, and

community-based real estate assets, including hospitals, nursing homes, and childcare 

centers in rural parts of the United States. Rural Housing loans are integral to the

economy and quality of life in rural communities, often being the most affordable and 

efficient available mortgage. To explore more USDA-RD housing programs, please visit

USDA Rural Housing Service.

rooted in its people. The commitment and resources USDA-RD brings to rural

communities help drive economic security and prosperity. Ginnie Mae’s MBS program

creates liquidity to finance USDA Rural Development-insured or guaranteed mortgage

lending. This supports single-family and multifamily housing, rental housing, and

community-based real estate assets, including hospitals, nursing homes, and childcare 

centers in rural parts of the United States. Rural Housing loans are integral to the

economy and quality of life in rural communities, often being the most affordable and 

efficient available mortgage. To explore more USDA-RD housing programs, please visit

USDA Rural Housing Service.

Ginnie Mae Social Impact and Sustainability Reporting

 Disclosure Bulletin 2021-068: Ginnie Mae made an enhancement to its Combined

Multifamily Pool and Loan Disclosure Files for both daily/monthly new issuance and

monthly portfolio data. This enhancement added one field, Green Status (field L43), to 

the Loan section of the disclosure record.

o The Green Status field is now populated as follows for FHA Multifamily loan

types in the Multifamily Pool and Loan Monthly Portfolio Disclosure:

 GRA (Green/Affordable)

 GRB (Green/Broadly Affordable)

 GRM (Green/Market)

 NGR (Not Green)

 blank (Unknown)

 Disclosure Bulletin 2022-023: Ginnie Mae made an enhancement to its Combined

Multifamily Pool and Loan Disclosure Files for both daily/monthly new issuance and

monthly portfolio data. This enhancement added one field, Affordable Status (field L44),

to the Loan section of the disclosure record.

o The Affordable Status field is now populated as follows for FHA Multifamily loan

types in the Multifamily Pool and Loan Monthly Portfolio Disclosure:

 AFF (Affordable)
 BAF (Broadly Affordable)

 MKT (Market)

 blank (Unknown)

 Disclosure Bulletin 2021-015: Ginnie Mae’s Low-to-Moderate Income (LMI) geographic 

 BAF (Broadly Affordable)

 MKT (Market)

 blank (Unknown)

 Disclosure Bulletin 2021-015: Ginnie Mae’s Low-to-Moderate Income (LMI) geographic 

area stratification record (Loan Type/Low Moderate Income Record), was updated to 

provide pool level aggregate information about the extent of loans and UPB dollars

where the borrower income is below 80% of the Median Family Income (MFI)

 Disclosure Bulletin 2022-059: Ginnie Mae’s announced its new Low-to-Moderate

Borrower Income Record (Stratification Record 28) in the MBS Single-Family Pool 

Supplemental File on 12/12/2022. The new record provides pool level aggregate 

information about the extent of loans and UPB dollars where the borrower income is 

below 80% of the Median Family Income (MFI). Bulletin 2023-010 announced the 

implementation schedule for the new stratification record.

 APM 23-10: Effective October 1, 2023, Ginnie Mae is revising its prospectuses for

Single-Family Forward MBS, contained in the Ginnie Mae MBS Guide, HUD Handbook 

5500.3, REV-1 Appendices, to include a Social Bond Label section.

Learn more about Ginnie Mae’s social impact and sustainability work here.

The above composite is updated on a monthly basis. View the latest here.