Monthly issuance of mortgage-backed securities that are guaranteed by the Government National Mortgage Association managed to keep up the pace set in the prior period. At the rate of business during the first 11 months of this year, the company is on track to guarantee $400 billion this year.
November guarantees by Ginnie Mae were $34.3 billion, according to a report issued by the government-owned corporation Tuesday.
Issuance edged down from $35.5 billion during both October 2010 and November 2009.
From Jan. 1 through Nov. 30, issuers put out $365.5 billion in Ginnie MBS.
The Washington, D.C.-based company guaranteed its first MBS in 1970. Loans securitized in Ginnie pools include mortgages that are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
Included in last month’s total was $18.5 billion in issuance of Ginnie Mae II single-family pools and $13.9 billion in Ginnie Mae I single-family pools. It also included $0.9 billion in home-equity conversion mortgage MBS and $1.2 billion in multifamily MBS.
In the news release, Ginnie President Ted Tozer called the government-owned corporation’s business “a substantial percentage of the secondary mortgage market.”
Also yesterday, Ginnie reported that MBS outstanding surpassed $1 trillion during 2010.
