Ginnie Mae Posts Record Income in "Best Year Ever"

Ginnie Mae is touting Fiscal Year 2011 as its "Best Year Ever" with a net income of $1.14 billion, nearly doubling its $541 million net in 2010.  The previous high for the Ginnie Mae was set in FY 2008 with net income of $906 million.

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

According to Ginnie Mae's Executive Vice President Mary Kinney, the company has guaranteed $1.3 billion which has financed about 4.8 million housing units since the credit crisis began.   In FY2011 Ginnie Mae financed nearly 60 percent of all home purchases in the country.

  "Ginnie Mae has had a remarkable year; it's our best yet," said Ginnie Mae President Ted Tozer. "Our financial performance this fiscal year - despite a mortgage market still in turmoil - is a testament to our well-functioning business model. Our business is simple, 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 raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Its business is to finance housing mortgage programs run by the Federal Housing Administration, the Department of Veterans Affairs, the Office of Public and Indian Housing, and the Department of Agriculture's Rural Development Housing and Community Facilities Program.