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Ginnie Mae Securitizations Hit Three-Year High

DEC 14, 2012 1:21pm ET
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Issuance of Government National Mortgage Association-backed MBS jumped 12% in November on a sequential basis, to the highest level since December 2009.

Mortgage lenders issued $41.3 billion of Ginnie bonds in November, up from $36.8 billion in October, according to new figures released by the government agency.  

Most of the $4.4 billion monthly increase in MBS issuance is likely due to a $3.7 billion spike in FHA single-family originations in October. (Monthly originations are not immediately securitized.)

FHA endorsed $22.7 billion of forward single-family loans in October, up from $19 billion in September.

Issuers securitized $34 billion of single-family loans in Ginnie Mae II pools and $5.3 billion in Ginnie I pools in November.  

Securitizations of jumbo mortgages (with balances above $417,000) totaled $693 million, down from $785 million in October.  

Reverse mortgage lenders securitized $645 million of FHA-insured home equity conversion mortgages in October, down from $707 million the month prior.

Mortgage firms issued $2 billion of multifamily MBS in November, unchanged from the prior month.

Overall, Ginnie Mae MBS issuance is up 45% from November 2011.

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