Today, Ginnie Mae announced that issuance of its mortgage-backed securities (MBS) totaled an agency record of $70.04 billion in July, providing financing for more than 261,000 homeowners and renters.
A breakdown of July issuance includes $66.16 billion of Ginnie Mae II MBS and $3.88 billion of Ginnie Mae I MBS, which includes $3.69 billion of loans for multifamily housing.
Ginnie Mae’s total outstanding principal balance of $2.118 trillion is an increase from $2.080 trillion in July 2019.
“As mortgage rates reached new all-time lows in July, and consumers moved to purchase new homes or refinance existing mortgages, Ginnie Mae was there to help them,” said Ginnie Mae Principal Executive Vice President Seth Appleton. “The record-breaking MBS volume that we saw in July is measured in dollars, but it also is measured by the many households who were for the first time able to take hold of the American Dream of homeownership.”
For more information on monthly MBS issuance, UPB balance, REMIC monthly issuance and global market analysis visit Ginnie Mae Disclosure.
About Ginnie Mae
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.
Ginnie Mae I MBS are modified pass-through mortgage-backed securities for which registered holders receive separate principal and interest payments on each of their certificates. Ginnie Mae I securities can include single-family, multifamily, manufactured home and project construction loans.
Ginnie Mae II MBS are modified pass-through mortgage-backed securities for which registered holders receive an aggregate principal and interest payment from a central paying agent. An Issuer may participate in the Ginnie Mae II MBS either by issuing custom, single-Issuer pools or through participation in the issuance of multiple-Issuer pools, which combine loans with similar characteristics.