Ginnie Mae issuers repurchased $15.5 billion of delinquent government-guaranteed mortgages out of MBS pools in the first quarter — a significant decline from the prior period. In 4Q buybacks approached a staggering $57.6 billion.

In 1Q 2009 repurchases came in at almost $5 billion. GNMA issuers can repurchase residential loans out of securities when they become 90 days or more past due.

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