More than $200 billion in Ginnie Mae mortgage-backed securities have been issued so far this year. On a monthly basis, reverse mortgage issuance was lower and apartment activity was up.
Ginnie guaranteed in excess of $27.7 billion in mortgage-backed securities during August, a report Friday from the government-owned corporation said.
There was no change in volume from July. But issuance has drifted down from the $34 billion that was guaranteed in August 2010.
MBS issuers for Ginnie bundle loans that are either insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs and sell them as MBS to global investors. Ginnie guarantees the securities.
August activity included $17.75 billion in Ginnie Mae IIÂ single-family pools, lower than $18.21 billion in July.
But guarantees of Ginnie Mae IÂ single-family pools were slightly higher at $7.67 billion versus the prior month’s $7.26 billion — keeping activity from falling into the red.
Reverse mortgage issuance was lower. August issuance of home-equity conversion mortgages was reported at $0.844 billion compared to $0.969 billion a month earlier.
Also helping to prevent Ginnie’s overall issuance from falling was multifamily business.
Last month’s multifamily guarantees amounted to more than $1.50 billion, better than $1.30 billion a month earlier and a year earlier.
Through Aug. 31, year-to-date issuances amounted to $218.8 billion.
