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Agency Issuance Down Over Half from Year Earlier

MBS issuance down 10% in November

Dec. 2, 2013

By Mortgage Daily staff

Securitizations by government-controlled housing finance agencies was down for the seventh consecutive month, with the Federal National Mortgage Association taking the biggest hit. Compared to a year earlier, business has plummeted by more than half.

Issuance of mortgage-backed securities by Fannie Mae, the Federal Home Loan Mortgage Corp. and the Government National Mortgage Association amounted to $80.097 billion in November.

Activity dropped from $89.421 billion the prior month and has been lower every month since April, when agency MBS issuance totaled $148.976 billion.

During the same month last year, $195.610 billion in agency MBS was issued.

The data was supplied by eMBS.

With just one month left to go in 2013, year-to-date issuance totaled $1.4261 trillion.

Feeling the biggest pinch was Fannie, where issuance tumbled to $36.387 billion from $44.571 billion in October and $102.846 billion in November 2012.

The last time volume was this slow at the Washington, D.C.-based company was in August 2011, when $33.702 billion in MBS was securitized.

Through Nov. 30, 2013, year-to-date issuance at Fannie was $682.683 billion.

New business at Ginnie Mae slipped to $23.035 billion in November from $24.927 billion a month earlier and $37.842 billion a year earlier.

Issuers for Washington, D.C.-based Ginnie have securitized $354.945 billion so far this year.

Freddie Mac was the only government agency to turn in a gain last month, with MBS issuance inching up to $20.675 billion from $19.923 billion in October. Year-earlier volume at the McLean, Va.-based firm was $54.922 billion.

From Jan.1 through Nov. 30, Freddie issued $388.500 billion in MBS.

Fannie Mae profile | Freddie Mac profile | Ginnie Mae profile

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