DEFINITION of 'Midgets'

A slang term referring to a Government National Mortgage Association (GNMA) bond, which has a 15 year maturity. The midget is secured by mortgages backed by federal agencies. GNMA is also known as "Ginnie Mae".


The GNMA was started in an attempt to make affordable housing available to lower income families. The term midget is a slang term used by dealers to refer to these bonds and it is not used by GNMA to formally describe any of its securities.

  1. Fannie Mae - Federal National Mortgage ...

    A government-sponsored enterprise (GSE) that was created in 1938 ...
  2. Ginnie Mae - Government National ...

    A U.S. government corporation within the U.S. Department of Housing ...
  3. Dwarf

    A slang term used to describe a pool of mortgage backed securities ...
  4. Freddie Mac - Federal Home Loan ...

    A stockholder-owned, government-sponsored enterprise (GSE) chartered ...
  5. Mortgage-Backed Security (MBS)

    A type of asset-backed security that is secured by a mortgage ...
  6. Maturity

    The period of time for which a financial instrument remains outstanding. ...
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