A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from July 13, 2011
Ginnie Mae (Government National Mortgage Association)

Ginnie Mae signifies the Government National Mortgage Association (GNMA). The GNMA was established in 1968 and “Ginnie Mae” has been cited in print since at least February 1968. Ginnie Mae is now used as the formal name of GNMA.

Similar nicknames include “Fannie Mae” (Federal National Mortgage Association), “Freddie Mac” (Federal Home Loan Mortgage Corporation), “Sallie Mae” (Student Loan Marketing Association), “Farmer Mac” (Federal Agricultural Mortgage Corporation) and “Sonny Mae” (State of New York Mortgage Agency).


Government National Mortgage Association
The Government National Mortgage Association (GNMA), or Ginnie Mae, was established in the United States in 1968 to promote home ownership. As a wholly owned government corporation within the Department of Housing and Urban Development (HUD), Ginnie Mae’s mission is to expand affordable housing in the U.S. by channeling global capital into the nation’s housing finance markets. The Ginnie Mae guarantee allows mortgage lenders to obtain a better price for their loans in the capital markets. Lenders then can use the proceeds to make new mortgage loans available to consumers. This also helps to lower financing costs and create opportunities for sustainable, affordable housing for families seeking home ownership.

(Oxford English Dictionary)
Ginnie Mae, n.
Etymology:  < the female forenames Ginnie (also Ginny) and Mae (also May), after the initial letters of Government National Mortgage Association(see below), on the model of Fannie Mae n. Cf. slightly later Sallie Mae n., Freddie Mac n.
U.S. Finance.
The Government National Mortgage Association, a U.S. government agency established in 1968 as part of the restructuring of the Federal National Mortgage Association (cf. Fannie Mae n.), which guarantees securities backed by government-insured mortgages and administers housing assistance programmes. Also: a security guaranteed by this agency.
A proprietary name in the United States.
1968 N.Y. Times 1 Sept. iii. 7/3 The Housing and Urban Development Act of 1968 that makes Fanny May a private company also sets up Ginny May, a new agency to insure some of the $5-billion going into urban redevelopment.
1978 A. H. Walsh Public’s Business v. 134 The New York State Mortgage Agency, known in financial circles as Sonny Mae, stepbrother to the federally sponsored Fanny Mae and federally owned Ginny Mae.

16 February 1968, Wall Street Journal, “Plan to Make Fannie Mae Privately Owned Seen Bitterly Opposed by Housing Industry” by Richard F. Janssen:
One thing the act would do though, the group says, is to create a purely governmental sister institution already dubbed “Ginnie Mae,” the Government National Mortgage Association.

Google News Archive
1 March 1968, St. Joseph (MO) News-Press, pg. 12A, cols. 1-2:
WASHINGTON (AP)—The newest sister act in town may be Ginnie Mae and Fannie Mae.
(...)
The new agency’s initials, GNMA, are a cinch to go through the wsame nickname mill as FNMA and come out Ginnie Mae.

5 March 1968, Wall Street Journal, “‘Going Public” by Richard F. Janssen, pg. 34. col. 2:
The special programs, covering such things as housing in urban renewal areas and for the elderly, would be transferred to a new “little sister” institution to be known as the Government National Mortgage Association, or “Ginnie Mae.”

1 July 1968, Barron’s National Business and Financial Weekly, “More Privacy for Fannie Mae; Investors Will Acquire a Greater Stake in a Unique U.S. Agency” by Shirley Scheibla, pg. 5:
A new Government National Mortgage Association, already dubbed Ginnie Mae, would handle the special assistance functions and liquidation of RFC portfolio.”

(Trademark)
Word Mark GINNIE MAE
Goods and Services IC 036. US 100 101 102. G & S: financial services in the nature of guaranteeing the timely payment of the principal of, and the interest on, certificates of securities that are based on and backed by a pool of government insured mortgage loans. FIRST USE: 19870400. FIRST USE IN COMMERCE: 19870400
Mark Drawing Code (1) TYPED DRAWING
Serial Number 75331899
Filing Date July 28, 1997
Current Filing Basis 1A
Original Filing Basis 1A
Published for Opposition September 8, 1998
Registration Number 2206828
Registration Date December 1, 1998
Owner (REGISTRANT) Government National Mortgage Association CORPORATION UNITED STATES 451 Seventh Street, S.W. Washington D.C. 20410
Attorney of Record STEPHEN P. DEMM
Prior Registrations 2041316
Type of Mark SERVICE MARK
Register PRINCIPAL
Affidavit Text SECT 15. SECT 8 (6-YR). SECTION 8(10-YR) 20090116.
Renewal 1ST RENEWAL 20090116
Live/Dead Indicator LIVE

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Wednesday, July 13, 2011 • Permalink