The 233,000 homeowners and renters could hardly be faulted for having their hands extended, lured by the $61.33 billion of mortgage-backed securities issued last month for them by Ginnie Mae, it announced today in a report.
The issuance breaks out this way: it includes $58.22 billion of Ginnie Mae II MBS and $3.11 billion of Ginnie Mae I MBS, with multifamily housing earmarked for loans totaling $2.87 billion.
Ginnie Mae’s total outstanding principal balance rose $2.07 trillion since June 2019.
Last month, Ginnie Mae maintained its reign as the housing finance source relied upon by homeowners and renters, said Ginnie Mae Principal EVP Seth Appleton. Its helped more than 231,000 families secure safe and affordable housing, he continued.
Appleton said MBS issuance topped $60 billion for the third consecutive month in June.
The program “has the capacity and flexibility to align the capital needs of Issuers originating mortgages with investors around the world seeking high-quality assets, while minimizing risks to taxpayers,” he said.
Earlier this month, Ginnie Mae announced a pair of temporary borrower relief options—the Federal Housing Administration’s (FHA) National Emergency Standalone Partial Claim and USDA’s Mortgage Recovery Advance. The goal was to `circumvent lingering doubts and ensure the rate of transactions, according to DS News.
The pooling of restriction surrounding eligibility—while extending appropriate and integral buyout transactions, in place already—was implemented by Ginnie Mae to guarantee loan activity with borrowers and the interests of the MBS program.
In April, Ginnie Mae set an all-time record, issuing $63.81 of its mortgage-based securities, doling out financing to more than 246,000 homeowners and renters, reported DS News.
In May, almost $64 billion in securities, financing housing for more than 246,00 families, was generated by the Ginnie Mae MBS program, said Appleton.
“Housing finance is a key component of the nation’s economic well-being. Ginnie Mae’s steadfast in its mission to ensure the safe and consistent flow of money to communities across the United States, while minimizing risks to taxpayers,” he said.