Ginnie Mae January Issuance Remains Heavy

Ginnie Mae guaranteed the issuance of $26.5 billion in single-family mortgage-backed securities in January, just as issuance has leveled off over the past few months after a major upswing last year. Ginnie single-family MBS issuance hit an all time high of $29.2 billion in October and topped Fannie Mae and Freddie Mac in MBS issuance. But Ginnie volume dropped back to $27 billion in November and $23.6 billion in December. The agency also guarantees multifamily securitizations, including $342 million in January. Total issuance of Ginnie Mae MBS (including multifamily) for the first four months of fiscal year 2009 stands at $108.9 billion as of January 30, compared to $43.3 billion in the same four months of FY 2008. "Ginnie Mae was created to be there when the market needs it most and provide stability, and that is exactly what we are doing now," said Ginnie Mae president Joseph Murin.