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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.

Agency Issuance Soars to 3-Year High

Issuance increases 48% between October and November

Dec. 2, 2012

By Mortgage Daily staff

Preliminary data on the issuance of agency mortgage-backed securities indicate that volume jumped by nearly half between October and November. Much of the gain was fueled by the Federal National Mortgage Association, though a healthy contribution was also made by the Federal Home Loan Mortgage Corp.

Between Fannie Mae, Freddie Mac and the Government National Mortgage Association, $195.754 billion in fixed-rate MBS was securitized during November.

The last time agency issuance was this strong was in June 2009, when $228.762 billion in MBS was securitized.

The issuance data was provided by eMBS.

In October, issuances from the three housing finance agencies totaled $132.197 billion, while volume was a revised $108.448 billion during the same month last year.

With just one month to go in calendar-year 2012, year-to-date agency issuance stands at $1.4778 trillion.

By far, Fannie had the biggest impact on the surge in securitizations, with fixed-rate issuance leaping to $102.861 billion from $57.219 billion in October and $58.133 billion during November 2011.

From Jan. though Nov. 30, issuances at the Washington, D.C.-based company totaled $739.901 billion.

Freddie's issuances jumped to $55.049 billion from $41.785 billion a month earlier and $26.254 billion a year earlier. Issuances during the first 11 months of 2012 at the McLean, Va.-based firm amounted to $395.517 billion.

Both Fannie and Freddie are feeling the combined effects from a Federal Reserve policy that has driven mortgage rates to record lows and an increase in the pool of borrowers who can refinance as a result of the expanded Home Affordable Refinance Program.

Even Ginnie Mae eked out a gain, with issuances growing to $37.844 billion from the prior month's $33.194 billion and $24.061 billion in the same month during the prior year. Since the beginning of 2012, issuances at the Washington, D.C-based corporation have reached $342.403 billion.

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