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The MReport Webcast: Friday 8/14/2015

The Federal Reserve Bank of New York reported Thursday in their Household Debt and Credit Report that mortgage debt lowered slightly in the second quarter of 2015. Total household indebtedness increased just $2 billion from Q1 2015. According to the report, outstanding U.S. mortgage debt declined by 0.7 percent in the second quarter to 8 point 12 trillion dollars.

Mortgage debt experienced an increase of $20 billion annually and declined by 55 billion dollars quarterly. The New York Fed found that mortgage balances and HELOC dropped by $55 billion  and $11 billion, respectively. There were $466 billion in new mortgage originations and just under half of the Q2 strength in originations were driven by borrowers with credit scores over 780.

Ginnie Mae guaranteed $47.06 billion  in mortgage-backed securities during the month of July, setting a new monthly issuance record, according to an announcement from the corporation on Thursday. The new record set in July surpassed the previous mark of $46.1 billion, set in July 2009. For Fiscal Year 2015, Ginnie Mae has guaranteed more than $346 billion mortgage-backed securities, way ahead of the $242 billion the corporation guaranteed by this point in fiscal year 2014.

About Author: Jordan Funderburk


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