Government National Mortgage Association saw issuance of its reverse mortgage MBS program decrease for the first month since April 2009, issuing over $1.1 Billion in September. That’s a drop from the $1.5 Billion issued in August.
Overall, Ginnie Mae issued more than $39.693 billion in mortgage-backed securities (MBS) in September. During the first nine months of 2009, Ginnie Mae provided provided nearly $337 billion of liquidity to the primary mortgage market, compared to nearly $189 billion for the first nine months of 2008.
"The continuing surge in the issuance of Ginnie Mae MBS is indicative of the key role that we are playing as the economy struggles to recover," said Thomas R. Weakland, Acting Executive Vice President of Ginnie Mae. "Not only are we clearly performing our original mission of expanding affordable housing opportunities for more Americans, we are also expanding sustainable housing opportunities."
Ginnie Mae I single-family pools led the way with over $22 billion in MBS issuance, while Ginnie Mae II single-family pools totaled more than $17 billion. Total single-family issuance for September was more than $39 billion. Ginnie Mae’s multifamily MBS issuance was more than $432 million.
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Does the drop have an identifiable cause? If so, is it unusal and not expected to have a significant impact in the future or will it be reoccurring?
Critic,
Only time will tell. If I did not break my Christly Ball 15 years ago I could tell you. The next couple of months may start giving us an indication.
John A. Smaldone
Does GNMA separate reverse mortgages from other single-family mortgages in its MBS program?
Does GNMA separate reverse mortgages from other single-family mortgages in its MBS program?