Ginnie Mae said that it has issued a record $34.5 billion in MBS in March, which brings its total to $89.7 billion in 2009, compared with $38.9 billion for the first three months of 2008.
Ginnie Mae I single-family pools led the way with $28.2 billion in MBS issuance. Its Ginnie Mae II single-family pools totaled $5.9 billion.
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Single-family mortgage real-estate investment trusts in the market for home loan assets face hurdles and selectively taking on leverage to keep buying.
Persistently high mortgage rates will shrink securitization volume by dampening home sales and pushing more buyers toward all-cash purchases.
Fannie, Freddie and Ginnie loan eligibility now rests on AUS findings, with scores kept for pricing. KBW cut UWM's price target to $1.50 as it launches a $400M rights offering.
Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
More depositories are getting involved in the securitized market and the competition is likely to add to expense management challenges of smaller balance loans.
