Ginnie Mae issuance up 21% from last year
Ginnie Mae issued $29.2 billion in mortgage bonds in March, up roughly 21% from the same month last year.
Ginnie packages Federal Housing Administration and Veterans Affairs home loans into securities and guarantees timely payment of principal and interest to investors.
The Ginnie Mae II single-family pools increased to $21.5 billion in March from $15.8 billion last year. Single-family Ginnie Mae I securities dipped to $5.3 billion from slightly more than $6 billion in March 2011.
"Ginnie Mae has been a key component of the country's economic recovery," said Ginnie Mae President Ted Tozer.
"Without Ginnie Mae providing liquidity via the secondary market for government-insured mortgage loans, the turmoil in the housing market would have been much worse," Tozer added. "And, given Ginnie Mae's consistently high issuance levels, it is clear that issuers and investors are still depending upon Ginnie Mae."