The Government National Mortgage Association (Ginnie Mae) announced today that the corporation issued more than $44.73 billion in mortgage-backed securities (MBS) in August. For the first eight months of calendar year 2009, Ginnie Mae provided nearly $297 billion of liquidity to the secondary market, compared to over $162 billion for the first eight months of calendar year 2008.
"The importance of Ginnie Mae in the current economic environment cannot be underestimated," said Thomas R. Weakland, acting executive vice president of Ginnie Mae. "The stability provided by a government-backed mortgage-backed security program is critical to bring liquidity to our nation's housing market."
Ginnie Mae I single-family pools led the way with more than $25.2 billion in MBS issuance, while Ginnie Mae II single-family pools totaled nearly $19 billion. Total single-family issuance for August was more than $44.2 billion. Ginnie Mae's multifamily MBS issuance was nearly $518 million.
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).
For more information, visit www.ginniemae.gov.