Ginnie Mae, Fannie Mae and Freddie Mac

Ginnie Mae
- does NOT hold any bond
- does NOT originate MBS
- does guarantee MBS issued by banks with the right ingredients
- is backed by 'full faith of the government'

Fannie Mae and Freddie Mac
- does hold some bonds
- does originate MBS
- does guarantee MBS issued by banks with the right ingredients*
- (formally speaking) is NOT backed by 'full faith of the government

Note*:
1. Fannie Mae and Freddie Mac guarantee bonds, whether they are their own originations or not
2. "Right ingredients" here are different from those in Ginnie Mae guaranteed MBS