Residential lenders issued $350.3 billion of Ginnie Mae MBS in fiscal year 2011, down 15% from the previous fiscal year, according to new figures released by the the agency.
It is the second fiscal year decline in Ginnie MBS activity. MBS issuance peaked at $418 billion in FY 2009 and fell slightly in FY 2010 to $413 billion.
The new data shows approved issuers sold $27.7 billion in Ginnie Mae MBS to investors in September (the final month of FY 2011), down fractionally from August.
Ginnie MBS monthly issuance has ranged between $24 billion and $28 billion since February
Highest monthly MBS issuance was $35.6 billion in October 2010 – the first month of FY 2011. Lowest monthly issuance was $24.1 billion in March.
Ginnie Mae guaranteed MBS are backed by Federal Housing Administration, Department of Veterans Affairs, and Rural Housing Services loans.