The ""Government National Mortgage Association"":http://www.ginniemae.gov/ (Ginnie Mae) recently released its issuance numbers for May, showing that it guaranteed more than $33.9 billion in mortgage-backed securities (MBS) during the month.[IMAGE]
Total single-family issuance for May was more than $32.8 billion. Ginnie Mae II single-family pools led the way with more than $19.8 billion in issuance, while Ginnie Mae I single-family pools totaled $13 billion. Additionally, Ginnie Mae's multifamily MBS issuance was more than $1.1 billion.
""Ginnie Mae continues to fill the void in the mortgage finance arena that was left by the exit of the private sector and contraction of the GSEs,"" said Theodore Tozer, president of Ginnie Mae. ""As a leader within the housing finance industry, it is our mission to continue managing our operations to support the increase in issuer and investor demand in Ginnie Mae securities.""
In addition to reporting on its continued provision of liquidity to the secondary market, the Washington, D.C.-based corporation announced that in April, 1.79 percent of the single-family loans in Ginnie Mae guaranteed securities were 90 days or more delinquent, down from 1.85 percent in March 2010.
According to the corporation, the industry has continued to turn to the safety and security of Ginnie Mae MBS for the last 40 years. This, Ginnie Mae said, has allowed it to provide homeownership opportunities for millions of American households by securitizing loans insured or guaranteed by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Agriculture's Rural Development, and HUD's office of Public and Indian Housing.