Guaranteed Mortgage Certificates

Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order it here)

There are two types of GNMA-guaranteed mortgage-backed securities:  mortgage-backed bonds, issued by the FEDERAL NATIONAL MORTGAGE ASSOCIATION and the Federal Home Loan Mortgage Corporation, and passthrough securities, guaranteed by the GNMA and issued by private mortgage lenders against specified pools of FEDERAL HOUSING ADMINISTRATION, FARMERS HOME ADMINISTRATION, or VA-guaranteed mortgages.  See GOVERNMENT NATIONAL MORTGAGE ASSOCIATION for details of these securities.

Also, see FEDERAL HOME LOAN MORTGAGE CORPORATION for details of its two types of guarantees:  guaranteed mortgage certificates (GMCs) and mortgage participation certificates (PCs).

Back to Information