The Government National Mortgage Association (Ginnie Mae) guaranteed $871 million of reverse mortgage backed securities (HMBS) in April.
“As we all know, these past few years have been most challenging for the housing market. Without missing a beat, Ginnie Mae has stepped up when the private sector couldn’t to ensure millions of consumers had access to 30-year, fixed-rate mortgages.” said Theodore Tozer, Ginnie Mae president. “This is evident in strong MBS issuances throughout the tough economic environment. It is our mission to infuse capital into the secondary market to help bring about a recovery.”
Total issuance during April was $32.6 billion in mortgage-backed securities (MBS). Issuance for Ginnie Mae II single-family pools totaled more than $18.9 billion, while Ginnie Mae I single-family pools were $12.6 billion. Total single-family issuance for April was more than $31.5 billion.
Additionally, Ginnie Mae reported that in March, 1.85 percent of the single-family loans in Ginnie Mae guaranteed securities were 90-days or more delinquent, down from 2.02 percent in February 2010.