What are Ginnie Mae I Mortgage-Backed Securities?
Ginnie Mae I MBS are modified pass-through mortgage-backed securities on which registered holders receive separate principal and interest payments on each of their certificates. Ginnie Mae I MBS are based on single-family pools and are Ginnie Maes most heavily-traded MBS product. The underlying mortgages generally have the same or similar maturities and the same interest rate on the mortgages. Single-family Ginnie Mae I pools have a 50 basis point (0.5 percent) guaranty and servicing fee. The Ginnie Mae I MBS also permits the securitization of multifamily mortgages. Ginnie Mae I payments are made to holders on the 15th day of each month. The securitization provisions are established in detail in the Ginnie Mae MBS Guide (Ginnie Mae Handbook 5500.3).
