Government National Mortgage Association Capital Reserve (Negative Subsidy)

What this funds

…The Government National Mortgage Association's (Ginnie Mae) core purpose is to support affordable homeownership and rental opportunities for Americans by providing a vehicle for channeling funds from the securities market into the mortgage market. That vehicle is the Ginnie Mae mortgage- backed security (MBS), which is comprised of loans insured or guaranteed by Federal housing programs - including the Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) and Office of Public and Indian Housing (PIH), the Department of Veterans Affairs' (VA) Loan Guaranty Service, and the Department of Agriculture's Rural Housing Service (RHS) - and backed by the full faith and credit of the U.S. Government to ensure investors receive timely payment of principal and interest, even if a borrower or lender defaults. This business model makes Ginnie Mae securities a trusted and sought-after asset worldwide, which in turn enables steady liquidity for lenders and uninterrupted access to mortgage credit for millions of Americans. The 2027 President's Budget requests the following for the Ginnie Mae MBS Program: more than the 2026 Enacted level; and  $56 million in spending authority from offsetting collections to cover S&E, which is equal to

Extracted from 2027 CJ Program GNMA, p. 1. Verbatim; nothing here is paraphrased. This is a different document from the one the figures above were read off — the agency prints this line's dollars in a summary table and its justification elsewhere.

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Answers come from the figures on this page and nothing else. These dollars are parsed from Housing & Urban Dev's Congressional Justification and are approximate — confirm anything that matters against the cited page.