WASHINGTON, D.C.—Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.373 trillion at the end of Q1 2023, with the addition of $80 billion of MBS issuance during the period, with gross issuance ranging within $24-28 billion each month.
The first quarter’s new MBS issuance supported financing of more than 281,000 households, including more than 126,000 first-time homebuyers. Roughly 70% percent of the first quarter issuance volume reflects purchase money activity, resulting from a shift in market conditions and reduced loan refinance activity due to higher interest rates.
While overall issuance volumes have declined over the past year, returning to a more normalized purchase money market, current origination volumes across all four agency partners, the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs Loan Guaranty Program (VA), U.S. Department of Agriculture, Rural Housing Services (RHS) and HUD’s Public and Indian Housing (PIH), reflect strong support for affordable housing and homeownership nationwide.
During Q1 2023, the mortgage loans pooled into Ginnie Mae MBS included over 45,000 households who avoided foreclosure through our insuring and guarantying agencies partners’ loss mitigation programs. Ginnie Mae is proud to support our Issuers on the secondary capital markets and expand liquidity while supporting home retention efforts.
Q1 2023 issuance includes $77.15 billion of Ginnie Mae II MBS and $3.50 billion of Ginnie Mae I MBS, including approximately $3.13 billion in loans for multifamily housing. Approximately 30% of these multifamily MBS properties had Green or Green/Affordable designations from FHA’s lending program.
For more information on monthly MBS issuance, UPB, REMIC monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.
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About Ginnie Mae
Ginnie Mae is an entirely government-owned corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae mortgage-backed security (MBS) programs directly support housing finance programs administered by the Federal Housing Administration, the U.S. Department of Veterans Affairs, the U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing, and the U.S. Department of Agriculture’s Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States Government.