The Government National Mortgage Association announced that it posted $38.98 billion in total mortgage-backed securities issuance in May. For the first five months of calendar year 2009, Ginnie Mae provided approximately $163 billion of liquidity to the secondary market, compared to nearly $80 billion for the first five months of 2008.
"Our MBS program is continuing to experience phenomenal growth," said Joseph Murin, Ginnie Mae president. "Clearly, as the economy continues to find its footing, there is still a strong need for a safe, dependable security like the Ginnie Mae MBS."
Ginnie Mae’s issued $228 million of HECM MBS in May, the best month on record for the program. That brings the total to $699 million HMBS YTD. I’d expect the volume to continue to more lenders turning to Ginnie Mae for their fixed rate HECM.