The last time business was this slow at the Government National Mortgage Association was before the financial crisis exploded.
Ginnie Mae issuances were $21.249 billion during February, according to monthly operational data released Friday.
Business was down from the previous month, when $22.938 billion in mortgage-backed securities were guaranteed, and the same month during the previous year, when securitizations were $38.660 billion.
The last time that MBS issuance was this low was in April 2008, when $19.193 billion in issuances were generated.
During the two months ended Feb. 28, issuances at the Washington, D.C.-based company totaled $44.187 billion.
Since starting its fiscal-year 2014 on Oct. 1, 2013, Ginnie issuances amounted to $120.499 billion.
Residential issuances accounted for $20.029 billion of last month’s activity, down from the prior month’s $21.522 billion.
In the same month last year, residential volume was $36.629 billion.
Included in February’s residential activity were $0.280 billion in jumbo issuances and $0.494 billion in home-equity conversion mortgage MBS issuances.
Multifamily issuances declined to $1.221 billion from $1.416 billion a month earlier and have plummeted from $2.031 billion a year earlier.
