Despite stronger activity at the Federal National Mortgage Association, issuance of agency mortgage-backed securities fell for the third consecutive month.
Total issuance of fixed-rate agency MBS fell to 127.9 billion last month, according to data from eMBS. Volume was down from $146.9 billion in August, and it was the third straight month of declines.
In Sept. 2008, total issuance was $78.4 billion.
At Fannie Mae, September securitizations were $60.1 billion, higher than $57.8 billion the prior month and $35.0 billion the prior year. From Jan. 1 to Sept. 30, issuance at the Washington, D.C.-based company totaled $652.5 billion.
Rival Freddie Mac, however, saw issuance decline from $47.2 billion in August to $30.5 billion. Issuance of Freddie’s participation certificates was just $17.7 billion in September 2008. Freddie’s year-to-date volume was $373.3 billion.
Government-owned Ginnie Mae had $37.3 billion in MBS issuances, lower than July’s $41.9 billion but better than $25.7 billion in September 2008. So far during calendar 2009, Ginnie has issued $325.7 billion.
All three companies are currently controlled by the government.
