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Agency Issuance Up

Agency issuance edged up for the second month in a row, though volume sank by more than half from a year ago. It was also the second month in a row that the Government National Mortgage Association was busier than the Federal Home Loan Mortgage Corp.

Fixed-rate agency issuance was $86.3 billion during May, according to data from eMBS Inc. The Florida-based firm maintains data for the mortgage-backed securities market.

Volume was $85.5 billion in April and $208.3 billion in May 2009. From Jan. 1 to May 31, volume totaled $449.7 billion.

At Ginnie Mae, fixed-rate issuance rose to $30.6 billion from $29.4 billion one month earlier. But business was below $38.2 billion one year earlier. So far this year, Ginnie issuance totaled $140.9 billion.

Activity also increased at Freddie Mac, to $22.8 billion in May from the previous month’s $22.6 billion. A year ago, volume was $43.6 billion. Year-to-date May 31, Freddie’s issuance was $131.0 billion.

Fannie Mae’s issuance declined to $33.0 billion from April’s $33.5 billion and May 2009’s $126.5 billion. Year-to-date securitizations for Fannie were $177.8 billion.

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