Ginnie Mae issued $25.4 billion in mortgage-backed securities for May, a 3.7% dip from the month before. Ginnie guarantees timely principal and interest payments on MBS backed by loans insured by the Federal Housing Administration and the Department of Veterans Affairs. Since the housing collapse, the government, including Fannie Mae and Freddie Mac moved in to fund 95% of the mortgage market. Ginnie Mae issuance, alone, passed $1 trillion earlier this year since mortgage financing froze in 2008 "The consistent performance of the Ginnie Mae MBS over the last several months has been very important to the secondary market as the economy continues to rebound," said Ginnie Mae President Ted Tozer. "Issuers depend upon the strong pricing and execution of the Ginnie Mae MBS as a way to maintain the flow of capital for new mortgage loans, and investors depend upon the security of guaranteed timely interest and principal payments," he added. Ginnie Mae II single-family issuance reached more than $17.5 billion in May. More than $5.5 billion was issued through Ginnie Mae I single-family. Issuance through the Home Equity Conversion Mortgage program dropped in May to $771 million from more than $1 billion in April. Write to Jon Prior. Follow him on Twitter @JonAPrior.