Mortgage securitizations fell to the lowest level in 20 months at the Government National Mortgage Association — with multifamily activity sinking by nearly a third. One bright spot was the securitization of reverse mortgages.
Issuance of mortgage-backed securities totaled $28.309 billion during October, according to operational data from the Washington, D.C.-based company.
It was the slowest month for Ginnie Mae since February 2012, when volume was $27.967 billion.
A month earlier, loan securitizations were $31.224 billion, while the total was $36.802 billion a year earlier.
Issuance during the first 10 months of 2013 amounted to $369.382 billion.
Residential issuance accounted for $26.596 billion of last month’s volume, down from $28.743 billion in September and $34.791 billion in October 2012..
Included in October’s residential activity was $0.358 billion in jumbo mortgages, falling from the previous month’s $0.431 billion.
Residential issuance also included $0.761 billion in HMBS loans, climbing from September’s $0.662 billion.
Multifamily issuance represented $1.713 billion of the most recent business, tumbling from $2.481 billion the prior month and $2.011 billion in the same month last year.
