Ginnie Mae announced that it issued $748 billion in MBSs [1] in the fiscal year ending September 30, which it said resulted in more than "2.8 million households securing affordable homeownership and rental housing." The dollar amount, according to Ginnie Mae, is a result of "historically low mortgage rates" and a high demand for residential property.
Ginnie Mae said it delivered record breaking volume to finance its government guaranteeing and insuring partners (the Federal Housing Administration; U.S. Department of Veterans Affairs, U.S. Department of Agriculture and HUD's Office of Public and Indian Housing). The previous record, it said, was $504 billion in 2017.
"2020 is a year that will stand out in the record books for Ginnie Mae," said Seth Appleton, Principal Executive Vice President. "We attracted record capital to support affordable homeownership and rental housing opportunities for millions of American households, advanced key modernization initiatives, and responded swiftly to the COVID-19 National Emergency, all while operating in a remote environment. I am proud of and grateful for the tremendous contributions of the Ginnie Mae team who made these accomplishments possible."
A breakdown of September issuance of $75.76 billion includes: "$72.24 billion of Ginnie Mae II MBS and $3.52 billion of Ginnie Mae I MBS, which includes $3.36 billion of loans for multifamily housing. For the fiscal year, $712.86 billion of Ginnie Mae II and $35.66 billion of Ginnie Mae I MBS were issued, including $30.74 billion in loans for multifamily housing."
Ginnie Mae said its "total outstanding principal balance at September 30 of $2.118 trillion is an increase from $2.093 trillion in September 2019."
Visit Ginnie Mae Disclosure for more information on monthly MBS issuance, UPB balance, REMIC monthly issuance and global market analysis.