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Ginnie Mae Issuance Volume Exceeds $66 Billion in December

Ginnie Mae reported its December 2021 issuance volume, as approximately 242,793 homes and apartment units were financed by Ginnie Mae guaranteed mortgage-backed securities (MBS) in December. Ginnie Mae MBS issuance volume for December 2021 was $66.84 billion.

As of November 2021, more than $2.13 trillion of Ginnie Mae mortgage-backed securities (MBS) was outstanding, owned by investors in the U.S. and around the world.

“The Ginnie Mae MBS program ends the calendar year with strong monthly issuance and continues to attract domestic and international investors and support the mortgage industry in meeting the diverse needs of America’s housing market,” said Ginnie Mae President Alanna McCargo. “I am proud to see continued strength in housing finance programs that support veterans, seniors, first-time homebuyers, renters, and low-income households in urban, rural and tribal communities.” 

The Fed is expected to continue working to shrink the agency’s balance sheet, including MBS issued by Fannie Mae, Freddie Mac, and Ginnie Mae. However, some believe even more drastic changes are needed for the GSEs.

A breakdown of December 2021 issuance of $66.84 billion includes $62.31 billion of those dollars for Ginnie Mae’s II MBS, and $4.53 billion of Ginnie Mae I MBS. This includes approximately $4.3 billion of loans for multifamily housing. Ginnie Mae's total outstanding principal balance as of December 31 was $2.153 trillion, up from $2.143 trillion in the prior month, and up from $2.103 trillion in December 2020.

To kick off 2022, McCargo was sworn in as Ginnie Mae’s 18th President, as she was read the oath of office by Marcia L. Fudge, Secretary of the U.S. Department of Housing & Urban Development (HUD). McCargo became the first Senate-confirmed President of Ginnie Mae in nearly five years, and her confirmation is historic as she became  the first woman in Ginnie Mae’s history to hold this position. She replaced Michael R. Drayne, Ginnie Mae Acting EVP/Office of the President in her new role overseeing the wholly-owned government corporation and principal financing arm for government mortgage loans. Prior to her confirmation as President, McCargo was Senior Advisor for Housing Finance to HUD Secretary Fudge.

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport magazines with more than eight years of writing experience. She has served as content coordinator and copy editor for the Los Angeles Daily News and the Orange County Register, in addition to 11 other Southern California publications. A former editor-in-chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington, she has covered events such as the Byron Nelson and Pac-12 Conferences, progressing into her freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, Lester is an avid jazz lover and likes to read. She can be reached at [email protected].

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