In Niall Ferguson's "The Ascent of Money," the author discusses the evolution of housing finance in the United States, highlighting the establishment of the Government National Mortgage Association, known as Ginnie Mae. This organization was created with the intention of providing support to lower-income borrowers, particularly military veterans, helping to facilitate their access to home loans.

Ferguson also addresses the rechartering of Fannie Mae, which transitioned into a privately owned government-sponsored enterprise (GSE). This change allowed Fannie Mae to engage in purchasing both conventional mortgages and those that were backed by government guarantees, thereby expanding its role in the mortgage market and impacting housing finance dynamics in the country.