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Ginnie Mae MBS issuances reach $27.9 billion
Government corporation shows strength in secondary market
News Release
March 12, 2009
HousingZone
WASHINGTON -- The Government National Mortgage Association (Ginnie Mae) announced Wednesday that total issuance for its Mortgage-Backed Securities (MBS) program reached $27.9 billion in February 2009. Ginnie Mae guaranteed $27.5 single-family MBS and $379 million multifamily MBS. For Fiscal Year 2009, Ginnie Mae MBS issuance stands at $135.9 billion, compared to $55.2 for the first five months of FY 2008. Single-family MBS issuances by region:
*$7.3 billion from the West
*$5.1 billion from the Midwest
*$5.2 billion from the Mid-Atlantic
*$8.4 billion from the South
*$1.3 billion from the Southwest
*$0.2 billion from Puerto Rico and the Virgin Islands
"Ginnie Mae's continued market strength is a clear indication that we are still providing stability to the housing finance industry," said Joseph J. Murin, president of Ginnie Mae. "We are in unprecedented economic territory now and the industry needs a safer haven for investments, it is evident that Ginnie Mae is that safer haven and will continue to provide liquidity as the Administration works through this crisis."
For the last 40 years, the industry has turned to the safety and security of Ginnie Mae MBS because it has the full faith and credit backing of the United States Government. As a result, Ginnie Mae's commitment to its mission has remained constant. This has allowed Ginnie Mae to provide homeownership opportunities for more than 30 million households by securitizing loans insured or guaranteed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Department of Agriculture's (USDA) Rural Development and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH).
© 2009, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.
