The largest issuers of mortgage securities are, by far, the government agencies: GNMA, FNMA, and FHLMC. Securities backed by these agencies enjoy the explicit or implicit guarantee
Private Label Mortgage Securities
![Private Label Mortgage Securities](https://emadzikry.com/wp-content/uploads/2023/09/350px-Mortgage_backed_security-1.jpg)
The largest issuers of mortgage securities are, by far, the government agencies: GNMA, FNMA, and FHLMC. Securities backed by these agencies enjoy the explicit or implicit guarantee