Final answer:
The Ginnie Mae Type 1 mortgage-backed security requires all the mortgages in the pool to meet certain criteria and be insured or guaranteed by federal agencies.
Step-by-step explanation:
The Ginnie Mae Type 1 mortgage-backed security (MBS) requires all the mortgages in the pool of mortgages to meet certain criteria. It is a type of MBS that is backed by the Government National Mortgage Association (GNMA), also known as Ginnie Mae. The mortgages in the pool must be insured or guaranteed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the Rural Housing Service (RHS).