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DS News Webcast: Friday 8/14/2015


Ginnie Mae set a new monthly issuance record in July by guaranteeing 47 billion dollars in mortgage-backed securities during the month, according to an announcement from the corporation on Thursday. The new record set in July surpassed the previous mark of 46 billion set in July 2009. For Fiscal Year 2015, Ginnie Mae has guaranteed more than 346 billion worth of mortgage-backed securities, way ahead of the 242 billion the corporation guaranteed by this point in FY 2014.

The vast majority of Ginnie Mae's July MBS issuances were of the single-family variety, with $45.5 billion. Overall government lending is expected to continue at its current all-time high pace given recent consumer demand, FHA's lowering of the mortgage insurance premium by 50 basis points early in the year, and competitive interest rates for FHA, Veterans Affairs, and Rural Housing Service. In July, purchase activity comprised more than 60 percent of total issuances – compared to 34 percent for loan refinances.

The Federal Reserve Bank of New York reported Thursday in its Household Debt and Credit Report that outstanding mortgage debt was relatively unchanged, declining by 0.7 percent in the second quarter to $8.12 trillion. Meanwhile, about 95,000 homeowners had a new foreclosure added to their credit report during Q2, which is the lowest total for any quarter in the 16-year history the data has been tracked. Overall delinquencies for outstanding debt improved to 5.6 percent, which continued a trend that started in 2009.

About Author: Jordan Funderburk


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