WASHINGTON -- Ginnie Mac has reached a milestone: It has guaranteed $1 trillion in mortgage-backed securities
The enterprise, formally the Government National Mortgage Association, said the guarantees helped provide mortgage loans for an estimated 17.4 million moderate-income families.
Dwight Robinson, president of Ginnie Mac, paid tribute to one of its private sector partners, GE Capital Mortgage Corp. A computer analysis determined that a pool issued by GE Capital in July was responsible for putting Ginnie Mac over the $1 trillion mark.
Ginnie has been pushing to increase the maximum size of its loans, and has already won in the House of Representatives. Some critics say, however, that higher loan limits would simply make Ginnie Mac a supporter of the middle class, rather than helping lower-income people.