The Government National Mortgage Association put its stamp on $39 billion of mortgage-backed securities in May, bringing its five-month issuance volume to $163 billion, double its production for the same period last year. The agency's strong showing in its guarantee business is yet another sign that lenders are overwhelmingly choosing the Federal Housing Administration insurance program, which allows for low downpayment mortgages. Based on the current run rate, GNMA could issue a record $391 billion in MBS this year, giving it a 20% market share (of total originations).
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