Capital
Ginnie Mae, Stalwart of Mortgage Market, Squeezed by DOGE
The organization guarantees bonds backed by mortgages made under government programs to consumers who might not be able to otherwise afford to buy a home.
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
Ginnie Mae, a $2.7 trillion stalwart of the US home mortgage market, is the latest Washington agency targeted by Elon Musk.
Over the past week, as much as a quarter of the agency’s 270-or-so employees have either resigned or been dismissed, according to people familiar with the matter. The departures have raised concern that Ginnie Mae — a relatively small agency that turns a profit – might have trouble doing its job, particularly if the financial markets or the US housing market take a turn for the worse.