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Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.

Further Slowing in Agency MBS Issuance

Fixed-rate issuance down 7% in January

Feb. 2, 2014

By Mortgage Daily staff

For nine straight months, agency issuance of mortgage-backed securities has moved lower -- though there was an uptick at the Government National Mortgage Association. Securitization volume now stands at its lowest level in more than two-and-a-half years.

Combined issuance of fixed-rate MBS at the Federal National Mortgage Association, the Federal Home Loan Mortgage Corp. and Ginnie Mae totaled $64.916 billion in January.

Volume was down from December, when agency issuance amounted to $73.770 billion. Securitizations have been lower each month since April 2013, when there was $148.976 billion in MBS issued.

Activity has fallen by more than half compared to January 2013, when aggregate issuance came in at $154.389 billion.

Last month's total was the lowest since July 2011, when the trio of government-controlled companies issued a revised $63.305 billion.

The data was provided by eMBS.

Fannie Mae suffered the biggest setback, with fixed-rate issuance tumbling to $25.728 billion in January from $33.407 billion. A year earlier, issuance at the Washington, D.C.-based company was $80.329 billion.

Business slowed at McLean, Va.-based Freddie Mac to $19.037 billion from $20.655 billion in December and was $39.813 billion in the same month last year.

The only one of the three firms to see an increase was Ginnie, where fixed-rate MBS issuance rose to $20.152 billion in January from $19.709 billion the previous month. Activity at the Washington, D.C.-based government-owned corporation was $34.247 billion in January 2013.

Fannie Mae profile | Freddie Mac profile | Ginnie Mae profile

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