Ginnie Mae’s MBS Balance Continues to Climb

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Ginnie Mae’s role in the secondary market supports the economic stabilization efforts of Congress and the Administration by making it possible for financial institutions to continue mortgage lending. Ginnie Mae guarantees more than $1.5 trillion of mortgage-backed securities and the vast majority of government loans are placed in ginnie mae mbs.

After an eight month moratorium on new HMBS issuers, Ginnie. balance outstanding and available commitment authority to issue securities between $5 million and $20 million, plus an additional .2.

That said, Ginnie Mae continues to have policy risks related to its government guarantee and the potential addition of an explicit guarantee to Fannie and Freddie bonds. Ginnie Mae 4 percent TBAs 7 have appreciated by over 20 ticks year-to-date 8 versus like-coupon Fannie securities.

Soon after acting Ginnie Mae Acting President Maren. We’re going to need to continue to peel this onion back.'” Ginnie has considered steps to mitigate the effects of repeated refinancing and still.

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Ginnie Mae’s total outstanding principal balance of $2.056 trillion is an increase from $1.934 trillion in February 2018.

But Ginnie Mae MBS are vulnerable to the biggest risk an MBS portfolio faces in a low interest rate environment – prepayments. Investors may not realize that Ginnie Mae mortgages tend to prepay at faster speeds than conventional mortgage-backed securities.

That allows mortgage lenders to issue government-guaranteed securities backed by mortgages. portion of the payment is based on the balance of mortgages in the pool. The current interest rate on new.

Ginnie Mae MBS (which represent an important component of the balance sheets of many of the world’s largest financial institutions). Ginnie Mae benefits borrowers, Issuers, and investors while helping to stabilize the U.S. housing and capital markets.

refers only to securities issued by Freddie Mac and Fannie Mae or guaranteed by ginnie mae (often called “agency MBS”) and backed by residential properties; according to SIFMA, as of 2013:Q4 agency MBS totaled about $6 trillion in principal outstanding.

Default of a Mortgage-Backed Security Issuer 9 Figure 3: Ginnie Mae’s loss position compared with Fannie Mae and Freddie Mac’s Loss Position 10 Figure 4: Cumulative Outstanding Unpaid Principal Balance and New Annual Issuance, Ginnie Mae-Guaranteed MBS, at Year End, Fiscal Years 2005-2018 (in 2017 dollars) 15

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