Ginnie Mae Reverse Mortgage Issuance Sets Record in June
July 14th, 2009 | by admin Published in GNMA, News, Reverse Mortgage | 3 Comments
The Government National Mortgage Association (Ginnie Mae) announced that it issued more than $43 billion in mortgage-backed securities (MBS) in June. For the first six months of calendar year 2009, Ginnie Mae provided nearly $207 billion of liquidity to the secondary market, compared to nearly $107 billion for the first six months of 2008.
"The extraordinary strength of our MBS program clearly demonstrates the continuing need for Ginnie Mae securities in the secondary market," said Joseph Murin, Ginnie Mae president. "Ginnie Mae’s ability to provide a safe security for investors and critical liquidity for issuers is why the corporation was created more than 40 years ago."
Ginnie Mae’s HECM MBS program also set a record in June, issuing $590 million HMBS, smashing its previous record of $262 million in May 2009.
Sign up to receive free updates like this by email or subscribe by RSS feed. Thanks for reading!
- Related Posts
- Ginnie Mae Sets Record With Reverse Mortgage MBS
- Ginnie Mae Issues $1.2 Billion of Reverse Mortgage MBS
- Ginne Mae Issuance of Reverse Mortgage Securities Holds Steady
blog comments powered by Disqus .
July 15th, 2009 at 4:29 am (#)
Wow $590 million in HMBS. That shows that there is a real need for the reverse mortgage program. It's worth taking note that due to low property values all HECM lenders numbers are down over last years, meaning that they done fewer loans in 2009 than 2008.
I've heard alarming numbers like 50% of the applications written do not fund due to low appraisals. I guess that means that if property values had not declined so drastically the HMBS would be in the billions.
July 16th, 2009 at 7:46 am (#)
I think there is a larger issue out there than just issuing HMBS. Is it at all clear that the HMBS will be attractive to large investors? Until investors know how to value the HMBS there may be a very limited demand
July 16th, 2009 at 2:46 pm (#)
I think there is a larger issue out there than just issuing HMBS. Is it at all clear that the HMBS will be attractive to large investors? Until investors know how to value the HMBS there may be a very limited demand