Ginnie MBS Volume Off Nearly 50% Since December

Issuance of Ginnie Mae mortgage-backed securities fell 24% to $22.8 billion in March with consumers taking a more cautious approach to the housing market. It marks the third monthly decline in Ginnie MBS issuance, which is down 46% from December. Issuers used Ginnie Mae execution in March to securitize $22 billion of government-guaranteed single-family loans and $828 million of multifamily loans. Issuance of MBS backed by FHA-insured reverse mortgages totaled $751 million, down from $1.45 billion in February.