Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.440 trillion in July 2023, including $37.5 billion of total MBS issuance, leading to $18 billion of net growth. Issuance for this month was lower than June’s $39 billion, but higher than May’s $34 billion and April’s $33 billion.
July’s new MBS issuance supports financing for more than 120,000 households, including more than 57,000 first-time homebuyers. Approximately 78% of the July MBS issuance reflects new mortgages that support home purchases, as refinance activity remained low due to higher interest rates.
For the 2023 calendar year to date, Ginnie Mae has supported the pooling and securitization of nearly 351,000 first-time homebuyer loans.
The July issuance includes $36.6 billion of Ginnie Mae II MBS and $900 million of Ginnie Mae I MBS, including approximately $740 million in loans for multifamily housing.
Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the U.S. Department of Veterans Affairs, the U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing, and the U.S. Department of Agriculture’s Rural Housing Service.
Ginnie Mae recently celebrated its 55th anniversary and the important contributions it has made to expand access to affordable housing and mortgage lending for historically underserved communities.
“Since its founding, Ginnie Mae has helped make the American Dream of equitable, affordable homeownership and rental opportunities a reality for millions of Americans,” said Secretary of the HUD, the Honorable Marcia L. Fudge. “It has served as the principal financing arm for government-mortgage loan programs that serve low- and moderate-income households, first-time homebuyers, veterans, rural communities, and Tribes.”
This year marks the 55th anniversary of the passage of the Housing and Urban Development Act of 1968, which President Lyndon B. Johnson signed into law in 1968 and marked the creation of the Government National Mortgage Association, or Ginnie Mae, as a government corporation within HUD. The law went into effect shortly after the enactment of the Civil Rights Act of 1968, which included the Fair Housing Act, enshrining the right of all Americans to access fair, affordable housing and mortgage lending free from discrimination.
“I am grateful for Secretary Fudge’s recognition and strong support of Ginnie Mae’s critical work,” said Ginnie Mae President Alanna McCargo. “Housing is a powerful tool for building economic security, opportunity, and intergenerational wealth. From day one, Ginnie Mae’s mission has always been to serve those facing barriers to attaining the American Dream of homeownership. During Ginnie Mae’s 55-year history, we have helped millions of low-to-moderate income Americans, first-time homebuyers, veterans, and households in rural and tribal communities attain affordable housing and rental opportunities. We remain deeply committed to building on that foundation today.”