This insurance makes the loans less risky for lenders and  4  BIS Review 104/2007  investors, and it makes the loans eligible for securitization through the Government National Mortgage Association (Ginnie Mae). Historically, the FHA has played an important role in the mortgage market, particularly for first-time home buyers.
* * * I thought it might be useful to start this session with a few thoughts on some of the issues facing central banks as they deal with the consequences of the recent turbulence in financial markets.