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Agency Issuance Higher Despite Drop at Ginnie

$95.6 billion in October fixed-rate issuance

Nov. 1, 2011

By staff

Aggregate issuance at the three housing finance agencies rose last month even though volume was lower at the Government National Mortgage Association. Fixed-rate agency issuance is likely to account for more than three-quarters of expected residential originations this year.

Fixed-rate issuance by Fannie Mae, Freddie Mac and Ginnie Mae amounted to $95.6 billion during October. It was the highest level of securitizations since February, when volume totaled $99.3 billion.

The statistics were reported by eMBS, which is a provider of MBS data.

The monthly volume of mortgage-backed securities climbed from $88.0 billion the prior month.

But issuances came up short compared to October 2010, when the three government-controlled companies originated $126.4 in MBS.

In the first 10 months of 2011, Fannie, Freddie and Ginnie issuances added up to $836.4 trillion.

Total fixed-rate agency issuance is on track to reach $1.0 trillion this year, accounting for most of the $1.3 trillion in U.S. residential originations forecasted for all of 2011.

At Washington, D.C.-based Fannie, October's issuances totaled $47.2 billion, increasing from the previous month's $42.4 billion but way off from $63.5 billion a year prior. Fannie's year-to-date Oct. 31 volume was $391.3 billion.

Freddie's volume rose to $26.8 billion from September's $22.5 billion but also fell short of October 2010 when it securitized $35.7 billion. From Jan. 1 through Oct. 31, issuance at the McLean, Va.-based firm was $229.0 billion.

But unlike Fannie and Freddie, issuance at Washington, D.C.-based Ginnie slipped to $21.6 billion from $23.1 billion and was also down from $27.1 billion in the same month last year. So far this year, Ginnie Mae issuers have put out $216.1 billion in securitizations.

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