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Ginnie Mae posts record earnings in fiscal 2011
WASHINGTON (Reuters) - Ginnie Mae, the government-owned issuer of mortgage-backed securities, said on Wednesday it posted record earnings in its 2011 fiscal year.
Ginnie Mae, or the Government National Mortgage Association, said it earned $1.18 billion in net income for the fiscal year which ended on September 30, surging past its previous earnings of $541.5 million posted in fiscal 2010.
"Our approach to risk-taking is conservative and our ability to finance government-insured mortgages is helping to keep the housing market afloat," Ginnie Mae's President Ted Tozer said in a statement.
Ginnie Mae said it helped finance nearly 60 percent of all U.S. home purchases in the 2011 fiscal year.
The government agency primarily guarantees then sells mortgages on federally insured loans to investors of mortgage-backed securities.
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