Looking back, U.S. government agency bonds have evolved considerably over the years. Ginnie Mae, Fannie Mae, and Freddie Mac all began their existence as federal agencies. While the first of the three is still operated under the U.S. Department of Housing and Urban Development, the latter two have become much more independent entities. And the future promises additional changes. Among the possibilities Fannie Mae and Freddie Mac are considering: mortgages that could be portable from one house to the next or mortgages with rates that drop when the owner regularly pays on time. Stay tuned. The world of personal finance continuously offers new landscapes and shifting panoramas.