Ginnie Mae posted $38.98 billion in total MBS issuance in May.
In the first five months of 2009, the agency issued approximately $163 billion compared with $80 billion in the first five months of 2008.
Ginnie Mae I single-family pools had more than $28 billion in MBS volume while Ginnie Mae II single-family pools reached over $10 billion, bringing the total single-family issuance to over $38 billion.
Ginnie Mae multifamily issuance was $319 million.
"Our MBS program is continuing to experience phenomenal growth," said Joseph Murin, Ginnie Mae president. "Clearly, as the economy continues to find its footing, there is still a strong need for a safe, dependable security like the Ginnie Mae MBS."
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The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
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The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
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Aside from the cash flow stabilization, another credit positive to the deal, TAH Operations is property manager to the portfolio, and has strong processes and controls.
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Four tranches of class A notes make up the capital structure, and they all benefit from 3.00% in total initial hard credit enhancement.
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Seven of the loans, 27.7% of the pool balance, are secured by multiple properties or have a component of cross-collateralization, benefitting from greater cash flow stability.
March 26