Despite a decline in multifamily activity, the Government National Mortgage Association eked out a gain in overall monthly securitizations. Business has improved each of the last three months.
May issuances totaled $36.562 billion, according to operating data provided by the Washington, D.C., company.
Business was barely changed from April, when volume totaled $36.442 billion. Issuers have managed to increase activity each month since February, when MBS issuance totaled $27.967 billion.
But volume strengthened from May 2011, when the government-owned company issued $25.431 billion in mortgage-backed securities.
During the first five months of 2012, Ginnie Mae’s issuances amounted to $160.251 billion. Since beginning its fiscal year on Oct. 31, 2011, the total was $242.684 billion.
Last month’s residential issuances were $35.142 billion, up from $34.647 billion in April. Included in May’s residential activity were $1.165 billion in jumbo securitizations and $0.854 billion in home-equity MBS issuance.
Residential issuance for Ginnie Mae I pools was $5.867 billion, while Ginnie Mae IIÂ pools accounted for $29.275 billion.
Multifamily activity fell, however, to $1.420 billion from $1.795 billion a month earlier and $1.574 billion a year earlier.
