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.

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