Ginnie Mae has announced that it recently surpassed more than $50 billion in outstanding multifamily mortgage-backed securities (MBS). “Exceeding $50 billion in outstanding multifamily securities is another great milestone for Ginnie Mae in 2010. Rental housing is a critical housing option for families and individuals across the nation, and is an important component of Ginnie Mae’s mission and charter,” said Ginnie Mae President Theodore Tozer. “In addition to rental housing, our multifamily securities finance hospitals, nursing homes and assisted living facilities. We are proud to be able to help build facilities that are important to maintaining strong, stable communities.”
Despite the current economic climate, Ginnie Mae has continued to bring a steady flow of capital to the multifamily market. In third quarter 2010, Ginnie Mae securitization provided $4 billion in liquidity. The capital provided by Ginnie Mae finances a wide array of large and small government-insured multifamily projects in urban and rural areas across the country.
In guaranteeing more than $50 billion in multifamily MBS, Ginnie Mae helps to finance 1,400 apartment loans, 200 hospital and 1,700 nursing home loans. The $50 billion dollar portfolio includes a $756 million multifamily MBS—the largest-ever multifamily construction loan. This security helped provide funding for a state-of-the-art medical services facility in Trenton, New Jersey. Once completed, the project will support an estimated 2,200 jobs in the hospital and surrounding community.
For more information, visit www.ginniemae.gov.