Washington, D.C. – Ginnie Mae announced today that it guaranteed $17.79 billion in mortgage-backed securities (MBS) in March 2014.
“In the wake of the worst recession since the Great Depression, Ginnie Mae continues to adapt to housing market fluctuations, including decreasing demand for loan applications due to rising mortgage rates,” said Ginnie Mae President Ted Tozer. “Nevertheless, we remain committed to improving the infrastructure that supports our strong, yet simple, business model. This commitment was critical to the stabilizing presence of Ginnie Mae during the housing crisis, and through recent strategic investments in internal processes and technological upgrades, will ensure that Ginnie Mae remains a dependable leader in the fight for affordable housing.”
The number of Ginnie Mae I single-family securities issued in March grew to $670 million, while the number of Ginnie Mae I Multifamily pools totaled over $1.16 billion. During this time, Ginnie Mae issued more than $15.95 billion Ginnie Mae II securities. In addition, Issuance for the Ginnie Mae Home Equity Conversion Mortgage-Backed Securities (HMBS), included in Ginnie Mae II single-family pools, was $510 million.
Ginnie Mae raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH) and the Department of Agriculture’s Rural Development Housing and Community Facilities Program (RD).