Ginnie Mae’s MBS Portfolio on the Rise

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.57 trillion in April 2024, including $34.8 billion of total MBS issuance, leading to $14.1 billion of net growth. April’s new MBS issuance supports the financing of more than 110,000 U.S. households, including more than 53,000 first-time homebuyers. Approximately 73% of the April MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates.

The April issuance includes $34.2 billion of Ginnie Mae II MBS and $549 million of Ginnie Mae I MBS, including $463 million in loans for multifamily housing.

For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 190,000 first-time homebuyer loans.

Reporting continued growth

Ginnie Mae’s MBS portfolio outstanding stood at $2.56 trillion in March 2024, including $32.4 billion of total MBS issuance, marking $12.5 billion in net growth. March’s new MBS issuance supported the financing of more than 101,000 households, including more than 45,000 first-time homebuyers. Approximately 68% of the March MBS issuance reflected new mortgages that support home purchases because refinance activity remained low due to higher interest rates. The March issuance included $31.5 billion of Ginnie Mae II MBS and $883 million of Ginnie Mae I MBS, including $793 million in loans for multifamily housing.

A transfer of leadership

Effective May 6th, Sam Valverde entered the role of Acting President of Ginnie Mae. Valverde previously served as the organization’s Principal EVP since January 2023. Last month, Ginnie Mae President Alanna McCargo announced that she was stepping down from her role as head of the public office.

Valverde began his tenure at Ginnie Mae in March 2022 as EVP and COO. As Acting President, Valverde will lead Ginnie Mae’s mission to link the nation’s housing market to the global capital markets, thus providing low-cost financing for federal housing programs and making affordable housing a reality for millions of Americans. He brings more than 15 years of housing finance, policy, and legal experience to Ginnie Mae. Across his career in public service, he has worked to develop market-based solutions to improve economic outcomes for all Americans.

Prior to joining Ginnie Mae, Valverde was most recently Supervisory Attorney Advisor at the Federal Housing Finance Agency (FHFA) in the Division of Conservatorship Oversight and Readiness, leading agency-wide projects intended to support greater access to mortgage credit and affordable rental opportunities for working families.

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Picture of Eric C. Peck

Eric C. Peck

Eric C. Peck has 25-plus years’ experience covering the mortgage industry, most recently serving as Editor-in-Chief for National Mortgage Professional Magazine. He graduated from the New York Institute of Technology, where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books, and has served as Copy Editor for Entrepreneur.com.
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