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Fannie Drives Down Agency MBS Issuance

Issuance of agency mortgage-backed securities retreated to the lowest level in four months, and it was the Federal National Mortgage Association that drove the decline.

Fixed-rate issuance on behalf of Fannie Mae, the Federal Home Loan Mortgage Corp. and the Government National Mortgage Association was $132.813 billion in November.

Securitizations fell from $144.984 billion during the previous month to the slowest month for agency MBS issuance since
July, when the total worked out to $126.883 billion.

In November of last year, issuance on behalf of the three government-controlled organizations
was $82.924 billion.

Those details were
provided to Mortgage Daily by eMBS.

For all 11 months that have concluded so far in 2016, fixed-rate agency MBS issuance
was $1.2947 trillion.

Last month’s decline was driven by Fannie, where fixed-rate issuance tumbled 26 percent from October to $46.798 billion. But the Washington-based secondary lender’s issuance soared 76 percent from November
2015.

During the 11 months ended Nov. 30, issuance of Fannie MBS amounted to $503.692 billion.

At $46.167 billion in November 2016, issuance of Ginnie Mae fixed-rate MBS was virtually unchanged from a month earlier. Ginnie’s business was up, though, 37 percent from a year earlier.

Washington-based Ginnie’s year-to-date total added up to $448.021 billion.

Freddie Mac was the only one of the three agencies to see a month-over-month gain: 13 percent to $39.848 billion. The McLean, Virginia-based enterprise had a 76 percent year-over-year gain.

From Jan. 1, 2016, through Nov. 30, Freddie’s fixed-rate MBS issuance was $342.954 billion.

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