Secondary activity surged last month at the Federal National Mortgage Association, while business was down at the Federal Home Loan Mortgage Corp. and the Government National Mortgage Association. On an annual basis, overall agency issuance was off 16 percent, though the decline was far smaller at Fannie Mae.
Fixed-rate issuance of mortgage-backed securities by all three agencies totaled $112.8 billion in December, according to data delivered by eMBS. Volume was up from $107.6 billion in November.
But agency issuance declined from $144.2 billion in December 2010.
During all of 2011, issuance was $1.0562 trillion, retreating from the $1.2643 trillion issued in 2010.
December volume by issuers of Fannie MBS was $69.5 billion, jumping from the prior month’s $58.2 billion. Fannie’s fixed-rate issuance fell short, however, of $74.3 billion in the year-earlier month.
Last year’s total issuance at Washington, D.C.-based Fannie was $518.7 billion, off from $561.9 billion during 2010.
Freddie saw monthly volume fall to $19.4 billion from November’s $25.3 billion. A year earlier, issuance at the McLean, Va.-based company was $42.5 billion.
Freddie’s full-year 2011 issuance amounted to $273.4 billion, dropping from $359.1 billion a year prior.
Ginnie also saw its monthly volume slip, with fixed-rate issuance at $23.9 billion in December versus $24.1 billion in November and $27.3 billion in the final month of 2010.
The government-owned corporation had full-year issuance of $264.1 billion, sinking from $343.3 billion in 2010.
