The mortgage market is broadly divided into two markets: The government-insured segment, in which the lender is protected from borrower default by insurance from either the Federal Housing Administration or Veterans Administration programs; and the conventional loan market.

In recent years, the conventional-loan market share has grown, while that of the FHA and VA has decreased. This trend has resulted in a decline in Government National Mortgage Assn. market share as well, because Ginnie. Mae issues securities exclusively composed of FHA and VA loans.

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