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Fannie Drives Monthly Jump in Agency MBS Issuance

A jump in securitization activity at the Federal National Mortgage Association helped last month’s overall agency issuance bounce off a five-month low. But annual activity slid.

Issuance of fixed-rate mortgage-backed securities on behalf of Fannie Mae, the Federal Home Loan Mortgage Corp. and the Government National Mortgage Association amounted to $86.163 billion during December.

The numbers were provided by eMBS.

Securitization volume climbed from $75.676 billion in November — the slowest month since May.

MBS issuance at the trio of housing finance agencies was also up from $73.456 billion in December 2013.

For all of 2014, issuance totaled $0.8786 trillion, plunging from the prior year’s
$1.4992 trillion.

At Washington-based Fannie, fixed-rate issuance jumped 39 percent from November to $40.468 billion. Volume at the secondary lender was up 21 percent from the final month of 2013.

While Fannie led the month-over-month improvement, it also had the biggest annual drop: 50 percent. That put full-year 2014 issuance at $359.130 billion.

Government-owned Ginnie’s securitizations rose 3 percent from the previous month to $20.186 billion in December. Monthly activity also strengthened from December 2013, by 29 percent.

For all of last year, Ginnie’s issuances were down by a quarter from 2013 to $279.667 billion.

Freddie had the only month-over-month decline, with issuance off 7 percent from November to $20.186 billion. The McLean, Va.-based firm’s volume slipped 1 percent from December 2013.

Freddie finished 2014 with $239.836 billion in total fixed-rate MBS issuance, plunging 41 percent from the previous year.

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