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Simple English definitions for legal terms

GNMA

Read a random definition: American Bureau of Shipping

A quick definition of GNMA:

GNMA stands for Government National Mortgage Association. It is a government agency that helps people buy homes by providing loans to lenders. These loans are then packaged together and sold to investors as securities. This helps to make more money available for people to buy homes.

A more thorough explanation:

Definition: GNMA stands for Government National Mortgage Association. It is a government-owned corporation that guarantees mortgage-backed securities issued by approved lenders.

Example: Let's say a borrower takes out a mortgage from a bank. The bank can then sell that mortgage to an approved GNMA issuer, who will pool it with other mortgages and issue mortgage-backed securities to investors. GNMA guarantees the timely payment of principal and interest on these securities, making them a safer investment for buyers.

Explanation: GNMA helps to make the mortgage market more efficient by providing a guarantee to investors. This allows lenders to sell mortgages and use the proceeds to make more loans, which helps to increase homeownership. The example shows how GNMA works by providing a guarantee to investors who buy mortgage-backed securities, which in turn helps to provide funding for more mortgages.

General

General chat about the legal profession.

General >T14 Off Topic

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KnowledgeableRitzyWasp

9:43

ollie you need better stats than that to go to harvard :(

lilypadfrog

9:44

uchicago famously hates low gpas

GreyCeaselessMammoth

9:44

olliewillgotoUpenn

GreyCeaselessMammoth

9:44

i think he has good chances there

Mostlylegal

9:44

upenn famously hates high lsats

GreyCeaselessMammoth

9:45

https://www.lsd.law/users/creep/UselessPlasticWarthog

GreyCeaselessMammoth

9:45

ollie blueprint

cumsock

9:45

do you think about the days when we sat down smoking wine and drinking haze

PuppyBot

9:48

morninh

cumsock

9:48

i wanna quit my jorb

cumsock

9:49

and ride the rails

BulbasaurNoLikeCardio

9:49

@cumsock: same and not cause it sucks, I love who I work with/for and it is super easy but I am trying to save a lot of LS so I can ball out while unemployed

BulbasaurNoLikeCardio

9:50

How much is everyone trying to save up for when they get to school?

shaquilleoatmeal

9:51

@PuppyBot: tripppp, u were heavy on my mind last night after the bs in the chat

cumsock

9:51

i plan to be the most frugal mf alive in school

cumsock

9:52

paint chips for dinner

cumsock

9:52

thats what i always eat tho

lilypadfrog

9:52

glove do you want to go dumpster diving with me

cumsock

9:52

yea thats where all the good snacks are

cumsock

9:52

like plastic bags

lilypadfrog

9:53

😋😋😋😋

[] starfishies

9:53

@BulbasaurNoLikeCardio: i didn't think about this until it was too late lol i'll be lucky to save like 7k if that

shaquilleoatmeal

9:54

@BulbasaurNoLikeCardio: saving enough to have mortgage +bills for the first 2 years of law school, figured i can work again after the 2nd year but at least ill give myself the flexibility to focus on school and not bills. A little to the side because life happens and sometimes u need to prepared for hitting rock bottom

BulbasaurNoLikeCardio

9:54

I am trying to be pretty frugal now, looked up the cost to have PODs move my shit and I am like fuck that is a lot. I am trying to squirrel half my monthly income away so I can have a fat amount of cushion

PuppyBot

9:54

@shaquilleoatmeal: how sweet

PuppyBot

9:55

i need to make my matcha

cumsock

9:55

we just need one parlay

BulbasaurNoLikeCardio

9:55

I think my biggest stress will be two mortgages until my current place sells.

shaquilleoatmeal

9:56

@BulbasaurNoLikeCardio: yea 2 is no joke, and diapers cost just as much as 1 mortgage lmao

BulbasaurNoLikeCardio

9:57

diapers are nothing... fucking formula cost and you gotta stock pile because the random shortages

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