Ginnie Mae recently announced that during the month of September, the agency guaranteed $31.22 billion in mortgage-backed securities.
More than $27.54 billion in single-family pools were issued in Ginnie Mae II along with $3.68 billion for single-family pools with Ginnie Mae I.
Ginnie Mae initiated $2.48 billion in multifamily mortgage-backed securities last month as well. That is an increase of approximately 30% over August. Issuance of Home Equity Conversion mortgage-backed securities, which included Ginnie Mae II single-family pools reached $662 million.
Ginnie Mae (The Government National Mortgage Association) was created to assist low-income and first-time homebuyers with managing mortgage payments. Essentially, the agency insures principal and interest payments from approved issuers (mortgage bankers, savings loans, commercial banks and those issued by the government). Most of the mortgages through Ginnie Mae are government-insured mortgages from the Federal Housing Administration, the Veterans Administration or the Rural Housing Administration.