Issuance of Ginnie Mae MBS fell 24% to $22.8 billion in March with consumers taking a more cautious approach to the housing market.

It marks the third monthly decline in Ginnie MBS issuance, which is down 46% from December.

Issuers used Ginnie Mae execution in March to securitize $22 billion of government-guaranteed single-family loans and $828 million of multifamily loans.

Issuance of MBS backed by FHA-insured reverse mortgages totaled $751 million, down from $1.45 billion in February.

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