Senator Wayne Allard and Representative Marge Roukema on November 1, 2001, introduced long-awaited legislation to permit Ginnie Mae to guarantee MBS backed by conventional mortgage loans. Currently, Ginnie Mae MBS are backed solely by government-insured and government-guaranteed mortgage loans made under programs of the Federal Housing Administration, the Veterans Administration and the Rural Housing Service. The Senate bill is S.1620 and the House bill is H.R. 3206.