Ginnie Mae Posts Record Income in "Best Year Ever"

by devteam November 10th, 2011 | Share

Ginnie Mae is touting Fiscal Yearrn2011 as its “Best Year Ever” with a net income of $1.14 billion, nearlyrndoubling its $541 million net in 2010. rnThe previous high for the Ginnie Mae was set in FY 2008 with net incomernof $906 million.</p

The company had revenues of $1.064rnbillion compared to 1.011 billion in 2010 and retained earnings that rose torn$15.7 billion from $14.6 billion.</p

According to Ginnie Mae’s ExecutivernVice President Mary Kinney, the company has guaranteed $1.3 billion which hasrnfinanced about 4.8 million housing units since the credit crisis began.   In FY2011 Ginnie Mae financed nearly 60rnpercent of all home purchases in the country.</p

  “GinniernMae has had a remarkable year; it’s our best yet,” said Ginnie Mae PresidentrnTed Tozer. “Our financial performance this fiscal year – despite a mortgagernmarket still in turmoil – is a testament to our well-functioning businessrnmodel. Our business is simple, our approach to risk-taking is conservative, andrnour ability to finance government-insured mortgages is helping to keep thernhousing market afloat.”</p

 Ginnie Mae raises capital fromrninvestors in the global credit markets to ensure liquidity for affordablernrental and homeownership opportunities across the country. Its business is tornfinance housing mortgage programs run by the Federal Housing Administration,rnthe Department of Veterans Affairs, the Office of Public and Indian Housing,rnand the Department of Agriculture’s Rural Development Housing and Community FacilitiesrnProgram.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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