Although monthly securitizations of reverse mortgages and jumbo mortgages moved higher at the Government National Mortgage Association, overall activity tumbled to the lowest level in two-and-a-half years. Multifamily issuance plummeted.
November issuance of Ginnie Mae mortgage-backed securities was $25.697 billion, according to monthly operational data.
Business hasn’t been this slow at the Washington, D.C.-based firms since May 2011, when MBS issuance came in at $25.431.
Volume was $28.309 billion in October and $41.289 billion in November 2012.
From Jan. 1 through Nov. 30, issuance at the government-owned corporation amounted to $395.079 billion.
During the first two months of Ginnie’s fiscal-year 2014, MBS volume totaled $54.006 billion.
Last month’s activity included $24.534 billion in residential MBS, down from $26.596 billion the previous month and $39.266 billion in November 2012.
The jumbo portion of residential activity rose to $0.371 billion in November from the October’s $0.358 billion.
Home-equity conversion mortgage MBS issuance climbed to $0.878 billion from $0.761 billion.
Multifamily issuance plunged to $1.163 billion from $1.713 billion in October and $2.023 billion in November 2012.
