Today, Congressman David Kustoff, member of the House Financial Services Committee, introduced the Ginnie Mae Oversight and Accountability Act. This legislation requires the President of the Government National Mortgage Association (Ginnie Mae) to testify annually before the House Committee on Financial Services and the Senate Banking, Housing, and Urban Affairs Committee. Ginnie Mae is the primary financing mechanism for all government-insured or government-guaranteed mortgage loans.
“Ginnie Mae plays an important role in the U.S housing market and helps provide affordable homeownership for many Americans. Since I first came to Congress, the Committee on Financial Services has held only a single hearing on Ginnie Mae,” said Rep. Kustoff. “Protecting Ginnie Mae’s financial well-being and ensuring that it is operating responsibly is critical for the health of the U.S. housing market. My bill will strengthen Congressional oversight of Ginnie Mae while promoting transparency and accountability in government.”
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