Ginnie Mae guaranteed the issuance of $27 billion in mortgage-backed securities in September, down slightly from the record high of $29.1 billion in August, which represents the first monthly drop in Ginnie MBS issuance this year.

Ginnie Mae has been riding a boom in FHA single-family originations, which jumped from $59.8 billion in fiscal year 2007 to $181.2 billion in FY 2008 (which ended Sept. 30). In the fourth quarter of the fiscal year, Ginnie MBS issuance totaled $82.3 billion, compared to $26.1 billion in the fourth quarter of FY 2007.

Meanwhile, agency officials are starting a testing program to make sure Federal Housing Administration loans in Ginnie Mae pools are insured. When uninsured loans are detected, the issuer will be directed to correct the problem by providing "copies of valid Mortgage Insurance Certificates, or by substituting or repurchasing the loan if it is not insured," a Ginnie memorandum says.

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