The Government National Mortgage Association guaranteed roughly $34 billion of mortgage-backed securities in August as the government loan market remained strong, particularly for buyers of new and existing homes.
The August run rate indicates Ginnie Mae could wind up issuing guarantees on $408 billion of bonds this year.
Although the August volume was in line with previous months, guarantees were down 24% compared with August of 2009.
"While the economy is slowly showing signs of recovery, much of this improvement would not be possible without the stabilizing effect of the Ginnie Mae MBS," said Theodore Tozer, the agency's president.
The issuance numbers include guarantees on Ginnie Mae I and II single-family pools, reverse loans and multifamily loans. Single-family accounts for a large majority of the coverage.
In 2009 the agency guaranteed a record $454 billion of bonds, compared with $270 billion the year prior.
In July the agency's portfolio topped $1 trillion for the first time ever.
