Residential lenders issued $350.3 billion of Ginnie Mae MBS in fiscal year 2011, down 15% from the previous fiscal year, according to new figures released by the Government National Mortgage Association.
It is the second fiscal year decline in Ginnie MBS activity. MBS issuance peaked at $418 billion in FY 2009 and fell slightly in FY 2010 to $413 billion.
The new data shows approved issuers sold $27.7 billion in Ginnie Mae MBS to investors in September (the final month of FY 2011), down fractionally from August.
Ginnie MBS monthly issuance has ranged between $24 billion and $28 billion since February
Highest monthly MBS issuance was $35.6 billion in October 2010 –the first month of FY 2011. Lowest monthly issuance was $24.1 billion in March.
Ginnie Mae guaranteed MBS are backed by Federal Housing Administration, Department of Veterans Affairs, and Rural Housing Services loans.
