The Government National Mortgage Association (Ginnie Mae), part of the Department of Housing and Urban Development, works to attract capital to the market for federally insured mortgages. To do that, it guarantees timely payment to investors on mortgage-backed securities (MBSs) that private financial institutions create from mortgages insured or guaranteed by other federal programs.

In this report, CBO describes recent changes to the types of mortgages included in Ginnie Mae–guaranteed MBSs that could increase the agency’s risk of losses on its guarantees. In addition, CBO compares its baseline budget projections for Ginnie Mae with outcomes under a scenario of severe economic stress.

Read the report