For four consecutive months now, issuance of Ginnie Mae mortgage-backed securities has strengthened — though annual activity is still set for a steep decline.
Issuance of MBS on behalf of the Government National Mortgage Association was $29.159 billion in July, monthly operational data indicate.
Business at the government-owned corporation picked up from a month earlier, when MBS issuance came in at $26.221 billion.
Volume has increased each month since March, when just $17.793 in Ginnie Mae MBS were issued.
But activity fell short of the same month last year, when issuers of the Washington, D.C.-based company’s securities generated $39.138 billion in securitizations.
During the first seven months of 2014, Ginnie’s MBS issuance amounted to $166.084 billion. Still, despite the recent up tick, full-year 2014 issuance on track to fall well short of the $417.385 billion in volume for all of last year.
Since starting its fiscal-year 2014 on Oct. 1, 2013, volume totaled $242.396 billion.
Residential issuance accounted for $27.377 billion of last month’s activity, increasing from $24.888 billion in June but sliding from $36.969 billion in July 2013.
July’s residential issuance included $0.736 billion in jumbo MBS and $0.507 billion in home-equity conversion mortgage MBS.
Ginnie’s multifamily issuances rose to $1.782 billion during July from the previous month’s $1.333 billion but fell from the year earlier’s $2.169 billion.