Mortgage Daily

Published On: June 1, 2014

Thanks to a modest recovery staged by the Government National Mortgage Association, agency issuance improved for the second month in a row. But activity remains severely impaired compared to year-earlier levels.

From the beginning of May through the end of the month, issuance of fixed-rate, agency mortgage-backed securities totaled $64.229 billion, according to data-provider eMBS.

Issuers stepped up activity from April, when volume came in at $63.202 billion. It was the second consecutive month that issuance has increased.

Still, issuance has plummeted compared to May 2013, when the total was $145.921 billion.

During the five months ended May 31, agency MBS activity amounted to $304.645 billion.

Ginnie Mae issuers generated $22.327 billion in fixed-rate securitizations last month, rising from $20.131 billion in March. A year earlier, however, issuance at the government-owned company was far greater at $37.605 billion.

So far this year, MBS issuance at Washington, D.C.-based Ginnie added up to $97.293 billion.

At the Federal National Mortgage Association, $25.261 billion in fixed-rate MBS were issued in May 2014, slipping from the previous month’s $25.483 billion and plunging from $69.882 billion during the same period last year — the biggest year-over-year decline of the three housing finance agencies.

Fannie Mae, which is also based in the nation’s capitol, saw $123.742 billion in business from Jan. 1 through May 31.

The worst month-over-month performance was turned in by the Federal Home Loan Mortgage Corp., where fixed-rate business dropped to $16.642 billion from $17.589 billion in April. Freddie Mac’s issuance was $38.434 billion in the same month last year.

Year-to-date May 31, issuers of the McLean, Va.-based company’s securities closed on $83.611 billion in securitizations.

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