WASHINGTON, D.C. – More than 2.8 million households secured affordable homeownership and rental housing in the fiscal year that ended September 30, 2020 because of the record $748 billion in Ginnie Mae MBS issued in the year, fueled by historically low mortgage rates and strong demand for housing. Ginnie Mae, the largest source of mortgage liquidity for first-time homebuyers, delivered record breaking volume and financing its government guaranteeing and insuring partners: the Federal Housing Administration; U.S. Department of Veterans Affairs, U.S. Department of Agriculture and HUD’s Office of Public and Indian Housing. The previous record was $504 billion in 2017.
“2020 is a year that will stand out in the record books for Ginnie Mae,” said Seth Appleton, Principal Executive Vice President. “We attracted record capital to support affordable homeownership and rental housing opportunities for millions of American households, advanced key modernization initiatives, and responded swiftly to the COVID-19 National Emergency, all while operating in a remote environment. I am proud of and grateful for the tremendous contributions of the Ginnie Mae team who made these accomplishments possible.”
A breakdown of September issuance of $75.76 billion includes $72.24 billion of Ginnie Mae II MBS and $3.52 billion of Ginnie Mae I MBS, which includes $3.36 billion of loans for multifamily housing. For the fiscal year, $712.86 billion of Ginnie Mae II and $35.66 billion of Ginnie Mae I MBS were issued, including $30.74 billion in loans for multifamily housing.
Ginnie Mae's total outstanding principal balance at September 30 of $2.118 trillion is an increase from $2.093 trillion in September 2019.
For more information on monthly MBS issuance, UPB balance, REMIC monthly issuance and global market analysis visit Ginnie Mae Disclosure.
About Ginnie Mae
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.
Ginnie Mae I MBS are modified pass-through mortgage-backed securities for which registered holders receive separate principal and interest payments on each of their certificates. Ginnie Mae I securities can include single-family, multifamily, manufactured home and project construction loans.
Ginnie Mae II MBS are modified pass-through mortgage-backed securities for which registered holders receive an aggregate principal and interest payment from a central paying agent. An Issuer may participate in the Ginnie Mae II MBS either by issuing custom, single-Issuer pools or through participation in the issuance of multiple-Issuer pools, which combine loans with similar characteristics.