# Government National Mortgage Association Capital Reserve (Negative Subsidy)

**Agency:** Housing & Urban Dev  
**Account:** DISCRETIONARY PROGRAMS TOTAL, NET  
**Source document:** HUD Programs · p. 4  
**Vintage:** President's Budget PB2027  
**Canonical URL:** https://hitchintel.com/budget/hud/government-national-mortgage-association-capital-reserve-negative  

> **Trust:** parsed from the agency Congressional Justification. Approximate, **not summable**, verify at the cited page.


## Housing & Urban Dev discretionary budget authority (OMB PBDB — authoritative)

FY2027 $62.00B, FY2026 $74.30B. This is the agency total, not a sum of the parsed lines.


## 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


**Where it sits:** Civilian / Non-Defense › Housing & Urban Dev › HUD Programs › DISCRETIONARY PROGRAMS TOTAL, NET › RECEIPTS and COLLECTIONS TOTAL


*HitchAI is an independent intelligence service, not affiliated with the U.S. government. Civilian line dollars are parsed from agency Congressional Justifications and are approximate.*