Final answer:
The GNMA (Ginnie Mae) is the mortgage-backed securities program guaranteed by the U.S. government's full faith and credit. The correct option is c. GNMA
Step-by-step explanation:
The mortgage-backed securities program guaranteed by the full faith and credit of the U.S. government is c. GNMA, also known as Ginnie Mae. Ginnie Mae is a government-owned corporation within the Department of Housing and Urban Development (HUD). It guarantees the timely payment of principal and interest on securities backed by loans that are insured or guaranteed by other government agencies, such as the FHA, VA, and Rural Housing Service (RHS). Ginnie Mae securities are explicitly backed by the full faith and credit of the United States Government, providing the highest level of safety for investors.
Fannie Mae (FNMA) and Freddie Mac (FHLMC) are government-sponsored enterprises (GSEs) and, while they have some governmental support, they are not backed by the total guarantee of the U.S. government. The TVA, or Tennessee Valley Authority, is not involved in mortgage-backed securities and thus is irrelevant to this question.
The correct option is c. GNMA