Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.54 trillion in February 2024, including $30.9 billion of total MBS issuance, leading to $11.4 billion of net growth.
February’s new MBS issuance supports the financing of more than 96,000 households, including more than 44,000 first-time homebuyers. Approximately 69.8% of the February MBS issuance reflects new mortgages that support home purchases.
The February issuance includes $30 billion of Ginnie Mae II MBS and nearly $894 million of Ginnie Mae I MBS, including nearly $816 million in loans for multifamily housing.
For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 91,000 first-time homebuyer loans.
January’s MBS report
In January, Ginnie Mae announced that its MBS portfolio outstanding grew to $2.53 trillion in January 2024, including $28.1 billion of total MBS issuance, leading to $10.8 billion of net growth. January’s MBS issuance supported the financing of more than 91,000 households, including more than 46,000 first-time homebuyers. Approximately 77.6% of the January MBS issuance reflects new mortgages that support home purchases, because refinance activity remained low due to higher interest rates. Ginnie Mae’s January issuance includes $27.4 billion of Ginnie Mae II MBS and more than $674 million of Ginnie Mae I MBS, including nearly $558 million in loans for multifamily housing.
Growth in FY 2024 funding
For Fiscal Year 2024, the government has committed additional $550 billion in authority for Ginnie Mae’s guaranteed loan program to support salaries and expense (S&E) budget at $54 million, a 34% increase year-over-year. This represents the largest annual amount and year-over-year dollar amount increase in Ginnie Mae’s 55-year history.
“Ginnie Mae’s growth in funding in the FY24 appropriations bill represents progress toward a key goal the Administration has had to right size the agency and is a testament to the hard work, talent, and dedication of the public servants who carry out our mission every day,” said Ginnie Mae President Alanna McCargo. “Ginnie Mae is the engine for government mortgage lending programs, and we are grateful that policymakers recognize and have provided meaningful support to sustain the program.”
Ginnie Mae’s fiscal performance
Ginnie Mae also published its Annual Financial Report for fiscal year 2023, which highlights its financial performance and accomplishments from the past year, and its plans and approaches for strengthening the U.S. housing finance market and supporting affordable and equitable housing opportunities for all Americans.
During Fiscal Year 2023, Ginnie Mae supported more than 1.2 million households, including underserved communities, first-time homebuyers, servicemembers, and veterans. MBS issuance topped $404 billion, and the Ginnie Mae MBS outstanding reached another historic high of $2.476 trillion.
“I am impressed with our financial results and the incredible impact Ginnie Mae has had on millions of American households, even in the face of a challenging housing market,” said McCargo. “As the Annual Report shows, we continue to manage an incredibly complex program, numerous risks, and continued growth with strength and precision, and we are managing a number of emerging risks in the housing market with incredible efficiency. I am very proud of our outstanding team for continuously delivering results for the American people during a time when housing affordability has been greatly challenged.”
