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ExpectMore.govExpectMore.gov home pageEXPECT FEDERAL PROGRAMS TO PERFORM WELL, AND BETTER EVERY YEAR.
 
Program Assessment

Program

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Government National Mortgage Association

The Government National Mortgage Association (GNMA) supports access to housing finance by providing guarantees of timely payment for debt backed by Federally-insured mortgages. In this secondary market, housing lenders can sell their mortgages for funds that are then available to make further loans.

Rating

What This Rating Means

PERFORMING
Moderately Effective

In general, a program rated Moderately Effective has set ambitious goals and is well-managed. Moderately Effective programs likely need to improve their efficiency or address other problems in the programs' design or management in order to achieve better results.
  • GNMA achieves its primary goal of supporting the secondary mortgage market by guaranteeing securities representing over 90% of Federally-insured mortgages.
  • GNMA maintains close relations with the mortgage-backed security industry to detect problems and identify opportunities for improvements.
  • GNMA's current financial status appears strong given the large amount of funds on hand. GNMA, however, does not have a method assessing the adequacy of these balances for meeting long-term, accrued liabilities.

Improvement Plan

About Improvement Plans

We are taking the following actions to improve the performance of the program:

  • Maintaining a strong presence in the secondary market and identify new opportunities such as Home Equity Conversion Mortgages.
  • Developing efficiency measures and make improvements using these measures.
  • Assessing fund balances for their adeqaucy in meeting long-term needs.

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