Ginnie's Single-Family Delinquency Rate Drops to 3.48%
The Government National Mortgage Association, Ginnie Mae, guaranteed more than $38.6bn in mortgage-backed securities (MBS) in October. In September, Ginnie reported that 3.48% of the single-family loans in its guaranteed securities were 90-plus days delinquent, down from 3.7% in August and 3.59% in December 2008. For 2009, Ginnie has provided nearly $376bn of liquidity to the secondary market, a 71.6% increase from $219bn for the same time period in 2008. Thomas Weakland, Ginnie’s executive vice president, said that Ginnie has been quick to modify and create securitization products that provide liquidity, aiding the recovery of the housing market. “And for the past 11 months we've consistently shown -- with industry-wide low Single-Family delinquency rates -- that our conservative approach to risk-taking is working for US taxpayers,” Weakland said. Ginnie’s multi-family MBS issuance totaled $828m in October. Write to Jon Prior.