Ginnie Mae Posts Strong Income and Revenue for FY 2013
Ginnie Mae reported net income of $628 million in fiscal year 2013, up 19% from the prior year, after guaranteeing a record amount of MBS.
The secondary market agency guaranteed $460 billion in MBS in fiscal year 2013 (which ended Sept. 30), up 19% from FY 2012.
That is the “highest issuance of mortgage-backed securities in the corporation’s 45-year history,” the agency said. Net income was up 3% from FY 2012 as Ginnie continues to upgrade its technology and modernized its securitization platform.
Revenue totaled $1.22 billion, down slightly from $1.24 billion in FY 2012. Retained earnings rose to nearly $17 billion as of Sept. 30, up from $16.4 billion a year ago.
“Our sound financial performance is a testament to our simple business model and skillful risk management practices,” says Ginnie Mae president Ted Tozer.
Ginnie Mae guarantees MBS backed by Federal Housing Administration, Department of Veterans Affairs and Rural Housing Services guaranteed mortgages.