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Ginnie Issuance Up But Jumbo Down, HMBS Plunges

While overall securitizations on behalf of the Government National Mortgage Association, made a monthly move up, jumbo issuance declined and reverse mortgage issuance sank.

The government-owned enterprise released data indicating that
the unpaid principal balance of Ginnie Mae mortgage-backed securities was $1.9597 trillion as of May 31.

The total was comprised of $0.1125 trillion in multifamily pools and $1.8472 trillion in residential securities — including $0.0556 trillion in jumbo MBS and $0.0562 trillion in home-equity conversion mortgage MBS.

Ginnie’s overall book of business stood at $1.9504 trillion as of a month earlier and $1.8305 trillion a year earlier.

Issuance of Ginnie Mae MBS came to $35.321 billion last month and was made up of $1.746 billion in multifamily activity, more than $1.446 billion the prior month, and $33.575 billion in residential MBS, also more than April’s $32.622 billion. But the $0.991 billion portion that was jumbo MBS retreated from $1.038 billion during April, and the $0.579 billion in HMBS plunged from $1.205 billion.

Total issuance
accelerated from $34.068 billion in the preceding month and $38.284 billion during May 2017.

For the first-five months of 2018, issuance amounted to $169.325 billion, while the total was $286.338 billion since the Washington-based corporation started fiscal-year 2018 on Oct. 1, 2017.

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