Issuance of mortgage-backed securities fell to the lowest level in a year-and-a-half at the Government National Mortgage Association — with the volume of jumbo issuance sinking 43 percent. Multifamily issuance, however, strengthened.
Total MBS issuance at Ginnie Mae was $31.224 billion in September, according to an analysis of operational data.
It was the lowest level of activity for the Washington, D.C.-based firm since March 2012, when MBS issuance amounted to $29.236 billion.
Ginnie MBS issuances totaled $35.301 billion in August and $39.080 billion in September 2012.
In its fiscal year ended Sept. 2013, MBS issuances totaled $460.375 billion, rising from $388.030 billion in fiscal-year 2012.
During the first nine months of 2013, issuance was $341.073 billion.
Residential issuance fell to $28.743 billion last month from $33.391 billion in August and $37.275 billion in September 2012.
Included in September’s residential activity was $0.431 billion in jumbo mortgages, sinking from the previous month’s $0.750 billion.
HMBS issuance slipped to $0.662 billion from $0.744 billion.
On the commercial real estate side, a total of $2.481 billion in multifamily MBS was issued, increasing from $1.910 billion a month earlier and $1.805 billion a year earlier.
