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                                - Newsroom Press ReleasesPress Release
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Statement by Ginnie Mae President Alanna McCargo on the passage of the fiscal year 2024 (FY24) funding billContact: GinnieMaeCommunications@HUD.govPublished Date: 3/9/2024 1:30 PM
I am heartened that the FY24 funding bill provides an additional $550 billion in commitment authority for our guaranteed loan program and supports Ginnie Mae’s salaries and expense (S&E) budget at $54 million, a 34 percent increase year-over-year (YoY), representing the largest annual amount and YoY dollar amount increase in our corporation’s 55-year history. 

The funding levels enacted in this budget represent the fundamental value of Ginnie Mae’s crucial work within the Department of Housing and Urban Development to further our housing finance mission and to support affordable housing finance and attract capital to the U.S. Housing market from across the globe. 

A full year funding bill is critical to our ability to plan long-term and sustain the portfolio growth Ginnie Mae has experienced over the past decade. This funding will provide Ginnie Mae with the human resources needed to effectively carry out our housing finance mission and execute on our full faith and credit guaranty for global investors and with our national issuer base. The FY24 funding will also ensure Ginnie Mae can continue to prepare for, mitigate, and respond to emerging risks in the market, including cybersecurity threats to our Issuers, and modernize the securitization program to remain competitive, and be of service to the federal government mortgage market.

Ginnie Mae has been and will continue to be a responsible steward of American taxpayers’ dollars, and provides significant returns for the American public, both as homeowners and renters, and as taxpayers. Each year, Ginnie Mae generates revenue for the federal government, more than offsetting its annual S&E appropriations and overall expenditures several times over. Looking back at FY23​, Ginnie Mae contributed roughly $1.5 billion in receipts to the U.S. government, and its Ginnie Mae’s programs supported more than 1.2 million households including veterans, service members, low-to-moderate income borrowers, seniors, and urban, rural, tribal, and underserved communities. Mortgage-backed securities (MBS) issuance topped $404 billion, with Ginnie Mae MBS outstanding reaching an historic high of over $2.5 trillion, representing 35 percent of the total MBS market. These numbers reflect portfolio growth of $188.4 billion, a year-over-year increase of 8.3 percent. 

Ginnie Mae’s growth in funding in the FY24 appropriations bill represents progress toward a key goal the Administration has had to right size the agency and is a testament to the hard work, talent, and dedication of the public servants who carry out our mission every day. Ginnie Mae is the engine for government mortgage lending programs, and we are grateful that policymakers recognize and have provided meaningful support to sustain the program. ​

​Additional information about Ginnie Mae is available at       www.ginniemae.gov​ and on       X (formerly Twitter),       YouTube,       Facebook, and       LinkedIn. 

**About Ginnie Mae**

Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.****

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