Bank of America issued $30.8 billion of mortgage-backed securities guaranteed by the Government National Mortgage Association in the first quarter, ranking first among all players in the sector. According to figures issued by the Department of Housing and Urban Development and compiled by NMN, B of A's GNMA market share totaled 36% (rounded) during the quarter. Its next closest competitor was Wells Fargo & Co. with $22.9 billion (market share of 27%). Together these two 'mega' lenders control 63% of the GNMA market. (Both are top ranked GNMA servicers too.) During the quarter, all mortgage bankers issued $84.7 billion of GNMAs. January, though, was the strongest month in terms of issuance volume with $36.5 billion.
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