The Government National Mortgage Association (Ginnie Mae) has announced that it guaranteed more than $38.6 billion in mortgage-backed securities (MBS) in October. For the first 10 months of calendar 2009, Ginnie Mae provided nearly $376 billion of liquidity to the secondary market, compared to $219 billion for the first 10 months of 2008. Ginnie Mae also reported that in September, 3.48 percent of the single-family loans in Ginnie Mae-guaranteed securities were 90-days or more delinquent, down slightly from 3.70 percent in August and down from the 3.59 percent in December 2008.
"Ginnie Mae--whose securities carry the full faith and credit of the U.S. government--has been quick to modify and create securitization products that provide additional liquidity to help stabilize the U.S. housing market," said Thomas R. Weakland, Ginnie Mae's acting executive vice president. "And for the past 11 months we've consistently shown--with industry-wide low single-family delinquency rates--that our conservative approach to risk-taking is working for U.S. taxpayers."
Ginnie Mae II single-family pools led the way with nearly $20 billion in MBS issuance, while Ginnie Mae I single-family pools totaled more than $18 billion. Total single-family issuance for October was nearly $ 38 billion. Ginnie Mae's multifamily MBS issuance was nearly $828 million.
For the last 40 years, the industry has turned to the safety and security of Ginnie Mae MBS. 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 U.S. Department of Agriculture's (USDA) Rural Development and the U.S. Department of Housing & Urban Development's (HUD) Office of Public and Indian Housing (PIH).
For more information, visit www.ginniemae.gov.
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