The volume of apartment loans securitized for the Government National Mortgage Association jumped last month and has improved from a year ago. But residential securitizations slowed — pulling down overall activity.
Issuance of Ginnie Mae mortgage-backed securities amounted to $36.444 billion during March.
Business eased from a month earlier, when $38.660 billion in MBS guaranteed by the government-owned corporation were issued.
But issuance exceeded activity in the same month last year, when Ginnie guaranteed $29.236 billion.
The residential portion of March’s issuances totaled $34.181 billion, falling from $36.629 billion a month earlier but better than $27.788 billion a year earlier.
March’s residential activity included $0.754 billion in jumbo MBS, down from $1.085 billion the previous month. In addition, where were $0.889 billion in home-equity conversion mortgage securities, better than $0.695 billion in February.
Multifamily issuance climbed to $2.263 billion from $2.031 billion in February. Issuance of MBS backed by apartment loans was also better than $1.448 billion in the same month last year.
Total Ginnie Mae issuance during the first three months of 2013 was $113.375 billion, declining from $$119.302 billion in the fourth quarter of last year.
But quarterly issuance topped the same period last year, when $87.23 billion in MBSÂ were guaranteed by the Washington, D.C.-based firm.
Since its fiscal-year 2013 began on Oct. 1, 2012, Ginnie issuances totaled $232.677 billion.
