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Ginnie Surpasses $1 Trillion in MBS

Mortgage News

Outstanding mortgage-backed securities that are guaranteed by the Government National Mortgage Association now exceed $1 trillion.

That news came Tuesday from the Washington, D.C.-based company.

“The corporation’s business volume reached a historic milestone in 2010 by surpassing $1 trillion in MBS outstanding,” Ginnie Mae stated. “The trillion dollar portfolio supports more than eight million housing units for families across the country.”

Since June 2008, Ginnie “helped stabilize the largest segment of the market by pumping more than $900 billion in liquidity into the single-family housing market.”

The government-owned firm also reported that net income climbed to $542 million during its fiscal year ended Sept. 30 from $510 million a year earlier.

“This year we’ve increased our loan loss reserves, and we believe this increased provision is more than sufficient to offset losses on servicing portfolios taken over by Ginnie Mae due to Issuer defaults,” Ginnie President Ted Tozer said in the report.

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