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Ginnie Mae Offloads $26B in MBS

According to a recent report, ""Ginnie Mae"":http://www.ginniemae.gov/about/about.asp?Section=About issuers put up over $26 billion in mortgage-backed securities for sale on the secondary market over the course of May, reflecting a 4 percent overall decline from April.

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""The continuing demand for our [mortgage-backed securities] is proof that ""Ginnie Mae"":http://www.ginniemae.gov/about/about.asp?Section=About has served taxpayers well by supporting the economy in extraordinary ways,"" said Ted Tozer, president of ""Ginnie Mae"":http://www.ginniemae.gov/about/about.asp?Section=About.

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""Issuance activity during the housing crisis has helped the Administration's housing stability efforts by pumping about $1.1 trillion in liquidity into the U.S. housing mortgage finance market,"" he added.

The ""_National Mortgage News_"":http://www.nationalmortgagenews.com/ reported a $17.5 billion total for ""Ginnie Mae"":http://www.ginniemae.gov/about/about.asp?Section=About single-family mortgages, followed by $5.5 billion in ""Ginnie Mae"":http://www.ginniemae.gov/about/about.asp?Section=About single-family loan packages. The loans are backed by the faith and credit of the ""Department of Veterans Affairs"":http://www.va.gov/, ""Federal Housing Administration"":http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory (FHA), and ""Rural Housing Services"":http://www.rurdev.usda.gov/rhs/. The sum of single-family mortgages settled at $1.6 billion for April, according to the report.

""HUD"":http://portal.hud.gov/portal/page/portal/HUD released a report indicating the placement of 99.5 percent of ""FHA"":http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory -insured loans and 97 percent of ""VA"":http://www.va.gov/-backed loans in ""Ginnie Mae"":http://www.ginniemae.gov/about/about.asp?Section=About packages over the course of 2010, with an end-point in September.

According to ""_National Mortgage News_"":http://www.nationalmortgagenews.com/, ""Ginnie Mae"":http://www.ginniemae.gov/about/about.asp?Section=About also securitized $770 million worth in ""FHA"":http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory-insured reverse mortgages and $1.6 billion in multifamily loans over the course of May.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

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