Ginnie Mae Welcomes China’s Vice Minister of Land and Resources: Government Corporation Shares Policy and Strategy on Financing Affordable Housing
WASHINGTON, D.C. – (RealEstateRama) — Ginnie Mae President Ted Tozer and China’s Vice Minister of the Ministry of Land and Resources WANG Shiyuan are working together to share best practices on affordable housing financing policy and strategy. A meeting held today between the two leaders represents an important element of Ginnie Mae’s global investor strategy, which is designed to deepen the bilateral relationship between the United States and China on affordable housing policy.
“This meeting is an important next step in the U.S. and China’s relationship when it comes to creating and sustaining affordable housing,” said Ginnie Mae President Ted Tozer. “We know that China is particularly interested in financing affordable housing in rural areas and we know that the most important element in generating affordable housing opportunities is finding innovative ways to finance those opportunities.”
The U.S. and China meeting also covered strategies for establishing sustainable community development and the benefits of Ginnie Mae’s single security and common securitization platform. The meeting comes as China faces unique challenges and opportunities in housing. Because of rapid urbanization, demand for housing has outstripped supply, despite a building boom that created a massive construction sector. The Ministry of Land and Resources (MLR) of the People’s Republic of China is a ministry under the jurisdiction of the State Council of China. It is responsible for the regulation, management, preservation and exploitation of natural resources, such as land, mines and oceans.
In addition to China, Ginnie Mae has met with housing finance representatives from Japan, South Korea, Russia, Thailand and Taiwan in recent years. The meetings are a result of the success of the Ginnie Mae mortgage-backed securities program, which has a nearly $1.7 trillion dollar outstanding portfolio and the corporation’s consistent financial stability, generating more than $21 billion in total net income returned to the U.S. Treasure over its nearly 50 year history.
About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970 and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.
Contact: Gina Screen