Residential lenders issued $350.3 billion of Ginnie Mae mortgage-backed securities in fiscal year 2011, down 15% from the previous fiscal year, according to new figures released by the Government National Mortgage Association.
It is the second fiscal year decline in Ginnie Mae MBS activity. Issuance of mortgage-backed securities peaked at $418 billion in 2009, and fell slightly in 2010, to $413 billion.
The new data shows approved issuers sold $27.7 billion of Ginnie Mae MBS to investors in September (the final month of fiscal year 2011), down fractionally from August.
Ginnie MBS monthly issuance has ranged between $24 billion and $28 billion since February. This fiscal year, the highest monthly MBS issuance was $35.6 billion in October 2010; the lowest was $24.1 billion in March.
Ginnie Mae guaranteed MBS are backed by Federal Housing Administration, Department of Veterans Affairs and Rural Housing Service loans.
