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GSE Issuance Doubles in March

Mortgage News

Issuance of mortgage-backed securities by Fannie Mae and Freddie Mac reached the highest level in at least four years.

Fixed-rated MBS issuances at Fannie were $86.8 billion during March — double the $43.2 billion reported for February, according to data reported by eMBS. In March 2008, Fannie issuances were $44.8 billion.

Last month’s activity was higher than any month since at least November 2004 — the oldest data reported by eMBS.

From January through March, Fannie’s issuances total $150.1 billion.

Freddie’s issuances rose to $57.4 billion last month from $29.6 billion in February and $37.7 billion in March 2008. Activity at the McLean, Va.-based company was also the highest since at least November 2004.

Freddie’s year-to-date issuances are $103.2 billion.

Both Freddie and Washington, D.C.-based Fannie are operating under the control of the U.S. government.

Over at the Government National Mortgage Association, which is owned by the government, March issuances were $33.9 billion, increasing from $27.4 billion in February and $14.6 billion 12 months earlier.

Ginnie Mae’s volume last month was also the highest on record.

So far this year, Ginnie’s issuances total $87.4 billion.

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