Issuers of securities that are guaranteed by the Government National Mortgage Association saw their first monthly volume decline in four months. While the securitization of loans backed by apartment buildings was stronger, it wasn’t enough to offset a decline in residential issuance.
The government-owned corporation reported that issuance of its mortgage-backed securities totaled $34.65 billion during June.
Volume fell from May, when Ginnie Mae issuers put out $36.56 billion in MBS that are guaranteed by the Washington, D.C.-based company. It was the first time that activity has slowed since February, when monthly issuance was $27.97 billion.
But business was better than a year earlier, when issuance of Ginnie MBS amounted to $26.1 billion.
During the first half of the year, Ginnie’s securitizations added up to approximately $194.90. Since starting its fiscal-year 2012 on Oct. 1, 2011, volume has roughly reached $277.33.
Last month’s activity included $32.19 billion in single-family issuance, falling from $35.14 billion in May.
June’s residential volume included $0.795 billion in home-equity conversion mortgages, less than $0.854 billion a month earlier.
Multifamily issuance, however, climbed to $1.66 billion last month from $1.42 billion in May and $1.5 billion in June 2011.
From Jan. 1 through June 30, Ginnie’s multifamily issuances totaled around $8.7 billion.
