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Agency Issuance Increases

Although agency issuance of mortgage-backed securities has fallen by more than half over the past year, activity improved last month. But activity at the Government National Mortgage Association was lower.

Fixed-rate MBS issuance by Fannie Mae, Freddie Mac and Ginnie Mae came in at $92.8 billion during June, according to data reported by eMBS. Volume rose from $86.3 billion a month earlier but was less than half of the $228.8 billion issued in June 2009.

Year-to-date through June 30, agency issuance totaled $542.5 billion.

Volume at Fannie increased to $36.2 billion from May’s $33.0 billion. Issuance 12 months prior was $126.4 billion. During the first half of this year, activity was $214.0 billion at the Washington, D.C.-based company.

At $26.4 billion, Freddie pushed issuance up from $22.8 billion during May. But business was down from $60.0 billion last year. From Jan. 1 to June 30, Freddie’s issuances amounted to $157.4 billion.

Ginnie’s volume fell, however, to $30.2 billion in June from $30.6 billion the prior month and $42.3 billion the prior year. Ginnie’s year-to-date activity was $171.1 billion.

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