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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.

Fannie Issuance Sinks

Agency issuance drops 11% in October

Nov. 1, 2012

By Mortgage Daily staff

Overall agency issuance stumbled last month thanks to a sharp decline at the Federal National Mortgage Association. Business was better, however, at the Federal Home Loan Mortgage Corp.

The collective issuance of fixed-rate mortgage-backed securities at Fannie Mae, Freddie Mac and the Government National Mortgage Association was $132.197 billion during October.

Securitizations declined from September, when agency issuance amounted to $149.060 billion. Activity was stronger, however, than the same month last year, when $95.6 billion in agency MBS was issued.

Historical data from eMBS, which provided the statistics, indicates that $1.2824 trillion has been issued by the trio of housing finance agencies from Jan. 1 through Oct. 31.

Behind last month's decline was Fannie, where fixed-rate issuance fell to $57.219 billion from $79.994 billion in September. The Washington, D.C.-based company did, however, manage to lift activity from $47.150 billion in October 2011.

During the first 10 months of 2012, Fannie issuances totaled $637.117 billion.

Over at its government-controlled rival Freddie, issuance jumped to $47.785 billion in October from the prior month's $33.238 billion. The McLean, Va.-based firm also had a better month than a year earlier, when $26.613 billion in mortgages were securitized.

Year-to-date Oct. 31, Freddie issued $340.740 billion.

Ginnie Mae, which guarantees securities backed by mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, saw volume slip to $33.194 billion from September's $35.828 billion. But the government-owned corporation managed an increase from $21.638 billion in October 2011.

Ginnie's issuances since the beginning of the year totaled $304.559 billion.

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