Globa Markets

Analy i Rep t

A M th P bli i f Gi

Mae’s Office of Capital Markets

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on ly u cat on o nnie

Global Markets 

Analysis Report

A MONTHLY PUBLICATION OF GINNIE MAE’S

OFFICE OF CAPITAL MARKETS

JUNE

2022
Global Markets Analysis Report

 

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Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page i

Table of Contents

Table of Contents i

Highlights 2

1.0 Relative Attractiveness of US Fixed Income and Ginnie Mae MBS 5

1.1 Bloomberg US Aggregate and Global Bond Indices 5

1.2 Global 10‐Year Treasury Yields 6

1.3 Ginnie Mae Yields – USD 7

1.4 Ginnie Mae Yield Spreads – Intermediate Credit 8

1.5 Global Treasury Yield Per Duration 9

1.6 Monthly REMIC Demand for Ginnie Mae MBS 10

2.0 State of the US Housing Market 11

2.1 National HPI 11

2.2 Size and Value of the US Housing Market 13

2.3 Serious Delinquency Rates 14

2.4 Characteristics of Ginnie Mae Loans in Forbearance 15

2.5 Ginnie Mae Agency Issuance and Agency Outstanding by State 18

2.6 Outstanding Single-Family Agency MBS 19

2.7 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 20

2.8 Origination Volume and Share Over Time 21

3.0 US Agency Market, Single-Family Issuance 22

3.1 Percent Refi at Issuance 25

4.0 High LTV Loans: Ginnie Mae vs. GSEs 26

5.0 Holders of Ginnie Mae Mortgage Servicing Rights 27

6.0 Agency Non-bank Originators 28

6.1 Agency Non-bank Originator Share (All, Purchase, Refi) 28

6.2 Ginnie Mae Non-bank Originator Share (All, Purchase, Refi) 29

6.3 Bank vs. Non-bank Originators Historical Credit Box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 30

7.0 Fixed Income Market Conditions 34

7.1 Average Daily Trading Volume and Turnover by Sector 34

8.0 Prepayments 35

8.1 Aggregate Prepayments 35

9.0 MBS Ownership 36

9.1 Commercial Bank Holdings of Agency MBS 36

9.2 Bank and Thrift Residential MBS Holdings 37

9.3 Foreign Ownership of MBS 39

9.4 Foreign Ownership of Agency Debt and Agency MBS 40
Highlights

Highlights

The June edition of the Global Markets Analysis Report’s “Highlights” section presents a compendium of quotes

and written remarks from Ginnie Mae President Alanna McCargo, who was sworn in as Ginnie Mae’s 18th

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page 2

president in December 2021. The selected quotes and written remarks, which have been edited for readability

purposes, are structured in a question-and-answer format, with the questions constructed based upon the

topics that Ginnie Mae President McCargo discussed in two recent public forums, the Ginnie Mae Past

Presidents Roundtable held on April 28, 2022, and the Urban Institute Ginnie Mae Presidents Event held on June

2, 2022. There are four topics that President McCargo discusses in this Highlights section: Current Market

Conditions; Technological Modernization; Environmental, Social, and Governance (ESG); and the Community

Reinvestment Act (CRA).

1. What are Ginnie Mae’s goals related to ensuring stakeholders are prepared to succeed in volatile

economic cycles?

“We are looking ahead at another cycle of change in the housing market. One of the key aspects of the Ginnie

Mae strategic plan for the future is our commitment to innovation, business transformation, technology, mount

modernization, digitalization, and a focus on an equitable and accessible housing finance system that serves the

current and future needs of all our citizens, and especially our underserved communities: our seniors; our

service members and veterans; and first-time homebuyers in cities, rural communities, tribal lands. We are here

to make sure that our Guaranty and the program remains viable.”1

“We have weathered decades of ups and downs in the business cycle. And despite what many have correctly

described as a history of underfunding, we always found ways to enhance the program and the platform so that

Ginnie Mae continues to deliver low-cost financing for Americans who need it the most. Today, our guaranty

extends over $2.2 trillion in outstanding securities, held by investors worldwide, and representing an equal

amount of mortgage servicing rights administered by over 300 Issuers.”

Our mission and what we are at our core, is a social impact enterprise, and, when you look at the millions of

homeowners and renters we serve, the global markets we support and engage with, and the interaction with

mortgage lenders and servicers/issuers, we are, without question, one of the most successful.”2

“President Biden has made clear his commitment to housing America and ensuring an equitable path forward.

So our mission is to connect capital from around the globe to local communities. We make sure that liquidity is

available so that affordable home ownership and quality rental housing is accessible through FHA, VA, USDA

Rural Housing Services and HUD’s Public and Indian Housing Programs.”3

2. What does Ginnie Mae see coming out of its modernization efforts? How does Ginnie Mae think their

modernization efforts will impact the overall housing market and secondary market?

“We are driving innovation in the capital markets for the public good. In the past decade, we completely

overhauled our internal accounting systems, to ensure they support all the activities needed, especially, if we

have to execute on our security guaranty and take over portfolios in the event of an issuer default.”

“We have also maintained a steady program of modernization of our core business applications... For example,

by the end of 2022 we will have migrated all our data and applications to the cloud. It is the most significant

technological development in our history. Becoming a fully cloud-based corporation clears the way for our longterm investment in the digitalization and optimization of our MBS platform – which is also a key strategic

1 Ginnie Mae President’s Roundtable, April 28, 2022 2 Urban Institute, Ginnie Mae Presidents Event, June 2, 2022 3 Ginnie Mae President’s Roundtable, April 28, 2022
Highlights

 

objective for Ginnie Mae in HUD’s 4-year Strategic Plan. Our flagship investment in digitalization – enabling the

securitization of electronic mortgages, or “eNotes”, commenced in January 2021. We just announced the

rollout of enhancements to our Digital Collateral Program and a major update of our “eGuide” for managing

digital pool collateral within the MBS program.”

“The enhancements, include the ability to perform eModifications to eNotes and have streamlined processes.

On June 20, 2022, the program re-opened to new issuer applicants. This expansion of the Digital Collateral

Program has been applauded by the servicing industry and highly anticipated.”

“eMortgages bring efficiency and resilience to mortgage lending, lowering costs to families and improving access

to homeownership for borrowers who are not well served by the traditional mortgage lending approach.”

“Into the future, Ginnie Mae’s transformational investment will carry enormous benefits for our government

program participants, ensuring the value of the Ginnie Mae MBS platform as a funding and liquidity vehicle for

decades to come. Over the Summer, we plan to engage with stakeholders on how our Ginnie Mae MBS

ecosystem can achieve higher levels of performance as an essential component of the housing finance system.”

“Recently, Ginnie Mae was acknowledged with a prestigious CIO 100 Award for our technology teams’

innovation in transforming our systems. Not bad for “government work.” And a testament to making sure we

are staying cutting edge and that our securitization platform and applications that support our issuers and

investors remain current with technological change.”4

3. How is Ginnie Mae establishing increased transparency with their investors regarding new social impact

data and policies?

“We believe that the growing interest in Environmental, Social, and Governance (ESG) investing presents a

unique opportunity for Ginnie Mae. We are now engaging with market participants and experts to better

understand this emerging source of demand so we can continue to develop additional disclosures that highlight

the social impact of an investment in Ginnie Mae securities.”

“I had no idea until I began meeting with investors, especially foreign investors and the Asian central banks and

sovereign funds, how much interest there is in ensuring the inherent value of our securities as vessels for

environmental and social investment.”

“Better technology enables us to provide better information to our stakeholders. An example is our enhanced

environment and social, ESG, disclosures to investors.”5

4. How does Ginnie Mae envision its role as it relates to ESG policies in the secondary market?

“On our Social Bonds, Ginnie Mae can be a Market Leader in setting true transparent and real standards and

criteria for defining what a Social Bond is and we are excited about the groundwork laid so far and what is

ahead.”

“We have already started offering investors better visibility into the extent our MBS support homeownership in

low- and moderate-income (LMI) communities. Single-family MBS LMI-GEO level indicators were implemented

in November 2021. Work is underway to disclose LMI borrower income as a pool level indicator by the end of

the year.”6

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page 3

4 Urban Institute, Ginnie Mae Presidents Event, June 2, 2022 5 Urban Institute, Ginnie Mae Presidents Event, June 2, 2022 6 Urban Institute, Ginnie Mae Presidents Event, June 2, 2022
Highlights

5. The green bond market is still relatively small, how will Ginnie Mae enter this market and at what

magnitude?

“On our Green Bonds, thanks to FHA’s Multi-family Green and Energy Efficient Housing Program, we offer

environmentally friendly or “Green” collateralized properties underlying our multifamily MBS. Our “Green” field

in our disclosures gives investors the transparency they want when making investment decisions. Since going

live with our “Green” disclosures in January 2022, Ginnie Mae has averaged over $1 billion a month in Green

Bonds. As of May 1, Ginnie Mae has issued $4.2 billion in “Green” multi- family bonds. Almost 40% of new

issuances.”7

6. If implemented how would the newly proposed CRA rule impact Ginnie Mae?

“We are excited about the opportunities for Ginnie Mae Bonds as a vehicle for banks to obtain CRA credit under

the newly [Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal

Reserve Board jointly] proposed CRA rules. As you know, Ginnie Mae MBS pools contain large numbers of

mortgages originated to LMI borrowers.”

“The newly published proposed rule is complex, [we strongly support the mandate of the rule writers to

modernize the CRA to reflect current challenges and opportunities in housing finance. We are reviewing, with

particular interest, how the proposed rule assigns CRA credit to investments in mortgage-backed securities. We

know the secondary market is an invaluable tool in improving housing outcomes for lower-to-moderate income

households. We applaud the rule writers for recognizing this critical area in their policymaking. If banks can get

credit for investing in Ginnie Mae securities in new and innovative ways, this treatment could yield more

liquidity for government mortgage products, providing access to affordable homeownership for a greater

number of households across the country.]”

“Finding new ways to support homeownership and making sure that its benefits are spread as widely and fairly

as possible, has been an animating force in my entire career, and will be central to my term as president of

Ginnie Mae - because it is Ginnie Mae’s founding principle.”

I know that we share these motivating goals and that our best chance of achieving them lies in continued close

collaboration. And speaking of collaboration, I am thrilled that we finally have FHA Commissioner Julia Gordon

onboard to steer FHA through these uncharted waters. As a long-time colleague and collaborator, I look forward

to opportunities with her to think outside the box on solutions to the crisis-level problems we are facing such as

the need for small dollar mortgages, increasing affordable housing supply, and expanding access to the Ginnie

Mae MBS platform and the benefit of our guaranty.”8

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page 4

7 Urban Institute, Ginnie Mae Presidents Event, June 2, 2022 8 Urban Institute, Ginnie Mae Presidents Event, June 2, 2022
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

1.0 Relative Attractiveness of US Fixed Income and Ginnie Mae MBS

1.1 Bloomberg US Aggregate and Global Bond Indices

Bloomberg US Aggregate Index

US Treasuries contribute approximately 40% to the Bloomberg US Aggregate Index. US MBS (Ginnie

Mae, Fannie Mae, and Freddie Mac) contribute approximately 28% to the Barclays US Aggregate Index.

For the US Aggregate Index, the month over month (MoM) changes to the index components were no

larger than 1%.

Bloomberg Global Aggregate Index by Country

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page 5

In the Bloomberg Global Aggregate Index by Country, the US share of fixed income still represents the

largest share of total outstanding issuance, representing approximately 40% of the total Barclays Global

Aggregate Index. All categories remained stable when compared to the prior month.

Source: Bloomberg. Note: Data as of May 2022. Figures in charts may not add to 100% due to rounding.

2.0% 2.0%

2.1%

8.0%

14.5%

27.8%

40.0%

1.4%

1.0% 0.9%

0.3%

Treasury - 40%

MBS Passthrough - 27.8%

Industrial - 14.5%

Financial Institutions - 8%

Agency - 2.1%

Utility - 2%

CMBS - 2%

Supranational - 1.4%

Sovereign - 1%

3.0% 2.2% 2.0% 1.6%

3.7%

4.2%

4.7%

5.1%

8.6%

12.9%

39.7%

United States - 39.7%

Japan - 12.9%

China - 8.6%

France - 5.1%

United Kingdom - 4.7%

Germany - 4.2%

Canada - 3.7%

Italy - 3%

Spain - 2.2%
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

1.2 Global 10‐Year Treasury Yields

The US 10-year Treasury yield moved to 2.85% at month end May 2022, a MoM decrease of 9 bps. US Treasury yields are

now the second highest of all the government treasury yields depicted in the figure below, behind Italian Treasury yields.

 The yield on the UK 10-year government notes increased to 2.10% at month-end May, a MoM increase of 20 bps.

 The yield on the German 10-year note increased to 1.12% at month-end May, a MoM increase of 18 bps.

 The yield on the Italian 10-year note increased to 3.12% at month-end May, a MoM increase of 34 bps.

 The yield on the Japanese 10-year government notes increased to 0.23% at month-end May, a MoM increase of 1 bp.

 The hedged yield for the 10-year Treasury JPY decreased to 2.34% at month-end May, a MoM increase of 1 bp.

 The hedged yield for the 10-year Treasury EUR decreased to 1.33% at month-end May, a MoM increase of 1 bp.

Global 10‐Year Treasury Yields

7–10yr Total Return Hedged Index, JPY

Source: Bloomberg. Note: Data as of May 2022

7–10yr Total Return Hedged Index, EUR

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page 6

2

2.90%

2.10%

1.12%

3.12%

5.0%

4.0%

3.0%

.0%

1.0%

0.0%

-1.0%

0.24% % Yield

USA 10-Year UK 10-Year Germany 10-Year Italy 10-Year Japan 10-Year

260

240

233.93

220

280

160

150

140

130

120

133.38

170
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

1.3 Ginnie Mae Yields – USD

Ginnie Mae fixed rate MBS yields decreased MoM in May 2022. Ginnie Mae II yields were at 3.76% at month end

May, down by 23 bps MoM. Ginnie Mae I yields were at 3.72%, down by 17 bps MoM. Over the past year, Ginnie

Mae spreads over the 10-year Treasury yields have widened. Ginnie Mae II spreads over the US 10-year Treasury

yield, just 12 bps at month end of May 2021, had increased to 91 bps over the US 10-year Treasury yield at

month end of May 2022. This represented a decrease in spread over the US 10-year Treasury of 14 bps MoM,

against the longer term trend. The yields on the Ginnie Mae I SF were 87 bps higher than the US 10-year

Treasury yield at month end May, a decrease in spread of 8 bps MoM.

Ginnie Mae II SF Yield, USD

Ginnie Mae I SF Yield, USD

Sources: Bloomberg. Note: Data as of May 2022

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page 7

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

3.76% % Yield

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

3.72% % Yield
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

1.4 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS increased by 6 bps to 0.70% at

month end May. The Ginnie Mae II 30-year OAS decreased 6 bps MoM. The US Intermediate credit OAS has

decreased 1 bp MoM.

US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS

Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS

Source: Bloomberg. Note: Data as of May 2022.

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page 8

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

-0.5%

0.98%

0.29% % Yield

US GNMA 30yr II - OAS U.S. Intermediate Credit - OAS

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.70%

0.5%

0.0% % Yield
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

 

 

1.5 Global Treasury Yield Per Duration

GNMA MBS continue to offer a higher yield in comparison to other government fixed income securities of

various tenors with similar or longer duration. Prepayment risk is a feature of MBS. In May, the GNMA II 2.5%

securities duration increased MoM by 0.42 units and yield increased MoM by 3 bps. In May, the GNMA II 3%

securities duration increased MoM by 0.45 units and yield increased MoM by 9 bps.

Yield vs. Duration

Source: Bloomberg. Note: Yield and modified duration for GNMA II securities is from illustrative TBA using base prepayment assumptions. All other data is

as of May 2022. Yields are in base currency of security and unhedged.

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page 9

Yield 4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

-0.50

-1.00

GNMA II 3%

GNMA II 2.5%

GNMA II 2%

US 5y

US 10y

ITA 10y

ITA 5y

UK 5y

UK 10y

GER 10y

GER 5y

JPY 5y

JPY 10y

0.00 2.00 4.00 6.00 8.00 10.00 12.00

Duration

Security Duration Yield

US 5y

US 10y

4.63

8.54

2.72

2.74

JPY 5y 4.79 0.00

JPY 10y

GER 5y

9.56

4.81

0.23

 0.66

GER 10y

ITA 5y

 9.56

4.55

 0.96

 2.04

ITA 10y

UK 5y

9.06

4.92

2.90

1.61

UK 10y

GNMA II 2%

8.31

6.19

1.99

3.45

GNMA II 2.5%

GNMA II 3%

6.34

5.87

3.51

3.63
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

1.6 Monthly REMIC Demand for Ginnie Mae MBS

In May 2022, $5.9 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage Investment Conduits

(REMICs) as underlying collateral, a 50% month over month decline. Of that, approximately $1.9 billion were

Multifamily MBS having coupons between 2% and 3%. $3.9 billion were Single Family MBS with 88% of the

Single-Family MBS having coupons between 2.5% and 4.5%. Through eight months of Fiscal Year 2022

approximately $102 billion of Ginnie Mae Single Family and Multifamily MBS were securitized into Ginnie Mae

REMIC transactions. This represents a roughly 21% decrease over the same period in Fiscal Year 2021.

May 2022 REMIC Collateral Coupon Distribution

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

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10

9

Totals may not sum due to rounding.

$21.5

$14.3

$17.1 $18.2

$14.2

$16.6

$13.2

$15.7 $15.3

$10.4

$11.2

in Billions $ $25

$20

$15

$10

$5

Ginnie Mae Single‐Family and Multifamily MBS Securitized into REMICs

$5.9

Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22

Net Coupon (%) Approx. Ginnie Mae MBS amount 

securitized into REMIC Deals ($MM)9

% Breakdown of REMIC Collateral by 

coupon17

Multifamily 

2.01-2.50 560.6 29%

2.51-3.00 1,351.6 71%

Subtotal 1,912.3 100%

Single Family 

2.01-2.50 19.8 1%

2.51-3.00 701.5 18%

3.01-3.50 918.1 23%

3.51-4.00 733.0 19%

4.01-4.50 1,131.9 29%

4.51-5.00 399.1 10%

5.01-5.50 - 0%

5.51-6.00 - 0%

6.01-6.50 36.4 1%

Subtotal 3,939.8 100% 

Grand Total 5,852.1
State of the US Housing Market

2.0 State of the US Housing Market

2.1 National HPI

Home prices have increased rapidly during the pandemic, with Compound Annual Growth Rate (CAGR) for HPI at

17.2% between March 2020 and March 2022. Over that same period, the Mountain region has had the greatest

home price appreciation (21.9% CAGR), while in the West North Central region, increases in home values have

been the slowest (14.3% CAGR).

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

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11

U.S. Census 

Subregion New England Middle Atlantic

East 

North 

Central

East 

South 

Central

South 

Atlantic

West 

North 

Central

West 

South 

Central

Mountain Pacific National

 

2000 to Peak

CAGR 10.5% 8.7% 4.0% 4.6% 8.7% 5.0% 4.3% 8.3% 13.9% 7.1%

 

Peak to Trough

CAGR -8.3% -5.3% -9.7% -5.5% -14.1% -5.7% -2.1% -15.1% -17.9% -9.7%

 

Trough to

Pandemic CAGR 3.7% 3.6% 4.8% 4.5% 5.9% 4.7% 5.1% 8.3% 8.1% 5.5%

Pandemic CAGR 17.0% 15.0% 14.6% 17.9% 19.5% 14.3% 16.1% 21.9% 18.5% 17.2%

12-Month Period

of Max HPI

Growth During

Pandemic

7-2020 to 6-

2021

8-2020

to 7-

2021

7-2020

to 6-

2021

3-2021

to 2-

2022

3-2021

to 2-

2022

6-2020

to 5-

2021

3-2021

to 2-

2022

9-2020 to

8-2021

8-2020 to

7-2021

8-2020 to 7-

2021

 

Max 12-Month

Period Change,

During Pandemic

21.7% 18.1% 17.1% 21.0% 23.9% 16.3% 18.8% 25.8% 22.1% 19.2%

12-Month Period

of Max HPI

Growth, PrePandemic

12-2001 to

11-2002

12-2003

to 11-

2004

2-2017

to 1-

2018

2-2005

to 1-

2006

9-2004

to 8-

2005

4-1993

to 3-

1994

3-2005

to 2-

2006

11-2004 to

10-2005

5-2004 to

4-2005

10-2004 to 9-

2005

 

Max 12-Month 

HPI Growth, PrePandemic14.0% 12.4% 6.9% 8.5% 15.3% 7.4% 7.5% 18.0% 22.4% 10.7%

Source: HPI data from FHFA.US Census Subregions as defined by the US Census Bureau. Notes: HPI data as of March 2022. Peak refers to the month when

HPI reached the highest level for each state/US during the housing boom period, ranging from 2005 to 2008. Trough represents the month when HPI fell to

the lowest level for each region/US after the housing bust, ranging from 2009 to 2012. Pandemic Period refers to March 2020 to the current period, 3/2022.

CAGR = (End Value/Starting Value) ^(1/n) – 1
State of the US Housing Market

 

S&P’s Corelogic Case-Shiller US National Housing Price Index’s March 29, 2022 reporting data indicated that

home prices had increased by 17.9% YoY as of January 2022. This latest reported YoY HPI appreciation value is

just 135 bps lower than the historical maximum value (19.2%) observed in July of 2021, suggesting a sustained

pace of home price increases.

Source: FHFA/S&P Corelogic Case-Shiller US National Hosing Price Index Data; Notes: HPI State-level data is provided quarterly by FHFA and presented here

as of February 2022. Peak refers to the month when HPI reached the highest level for each state/US during the housing boom period, ranging from 2005 to

2008. Trough represents the month when HPI fell to the lowest level for each state/US after the housing bust, ranging from 2009 to 2012; S&P Corelogic

Case-Shiller US National Housing Price Index reported for January 2022 in its Report dated March 29, 2022

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

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State 2000 to Peak Peak to Trough Trough to Current YOY Current HPI % Above Peak 

National 59.6% -21.1% 92.0% 14.4% 51.4%

AK 66.9% -5.2% 42.3% 10.6% 35.0%

AL 41.8% -15.0% 68.0% 15.7% 42.8%

AR 39.8% -11.0% 60.4% 16.0% 42.8%

AZ 110.1% -49.5% 186.6% 24.6% 44.8%

CA 145.0% -47.0% 142.0% 19.0% 28.2%

CO 32.4% -10.3% 144.4% 18.2% 119.2%

CT 72.7% -19.6% 38.5% 17.0% 11.3%

DC 162.4% -11.7% 113.4% 10.1% 88.5%

DE 88.6% -23.5% 53.9% 15.3% 17.7%

FL 130.0% -46.5% 152.2% 21.0% 34.9%

GA 36.0% -27.1% 118.4% 18.0% 59.2%

HI 138.7% -27.0% 101.3% 14.8% 46.9%

IA 28.0% -5.4% 56.2% 11.5% 47.7%

ID 73.2% -32.2% 206.7% 30.9% 107.9%

IL 49.9% -23.8% 48.2% 12.3% 13.0%

IN 19.1% -8.7% 79.6% 15.1% 64.0%

KS 31.0% -7.8% 68.2% 14.2% 55.2%

KY 29.0% -5.4% 66.7% 14.4% 57.6%

LA 51.6% -6.7% 46.6% 9.6% 36.8%

MA 69.8% -18.2% 79.0% 16.1% 46.4%

MD 126.4% -26.5% 53.3% 12.7% 12.7%

ME 72.2% -12.4% 79.9% 20.7% 57.5%

MI 18.4% -31.5% 113.8% 15.6% 46.4%

MN 52.5% -23.0% 85.7% 13.4% 43.0%

MO 39.2% -15.0% 76.8% 15.3% 50.3%

MS 38.6% -12.8% 47.4% 12.8% 28.6%

MT 80.0% -13.6% 102.5% 22.5% 75.0%

NC 39.8% -14.1% 88.4% 19.2% 61.7%

ND 51.3% -0.9% 72.2% 9.4% 70.8%

NE 24.3% -5.9% 79.8% 14.8% 69.2%

NH 72.7% -21.9% 84.4% 19.4% 44.0%

NJ 102.3% -22.7% 52.3% 16.5% 17.8%

NM 66.7% -17.9% 58.2% 14.8% 29.8%

NV 117.4% -59.3% 211.5% 20.1% 26.9%

NY 75.7% -10.5% 58.3% 14.9% 41.6%

OH 19.5% -16.6% 79.8% 14.8% 50.1%

OK 36.9% -4.6% 63.1% 14.2% 55.5%

OR 85.6% -28.6% 133.5% 18.3% 66.7%

PA 68.8% -10.9% 59.3% 14.2% 41.9%

RI 108.0% -28.0% 82.1% 18.9% 31.1%

SC 40.5% -16.0% 89.6% 17.4% 59.2%

SD 40.2% -2.4% 76.8% 17.7% 72.6%

TN 38.4% -12.6% 105.6% 20.5% 79.6%

TX 35.8% -3.0% 101.2% 17.1% 95.1%

UT 65.1% -26.1% 158.9% 26.3% 91.4%

VA 95.1% -18.8% 61.6% 14.3% 31.3%

VT 77.9% -10.3% 58.7% 19.2% 42.4%

WA 83.4% -27.3% 149.2% 19.9% 81.2%

WI 38.6% -14.2% 72.0% 14.2% 47.5%

WV 38.7% -5.7% 42.5% 12.8% 34.4%

WY 85.1% -9.7% 55.8% 13.4% 40.8%
State of the US Housing Market

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

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13

Size of the US Residential Mortgage Market

2.2 Size and Value of the US Housing Market

The total value of the single-family housing market reached $39.8 trillion in Q1 2022. The total value of the US

housing market is up 109% from its trough in 2011. Over that same period, mortgage debt outstanding has

increased just 17%, approximately six times less rapidly. From Q4 2021 to Q1 2022 mortgage debt outstanding

has increased from $11.7 trillion to $12.0 trillion. Thus, the expansion in the housing market is being driven

primarily by increases in home values, as detailed in Section 2.1 National HPI. Agency SF MBS account for a

Value of the US Housing Market

 

growing percentage of the total mortgage debt outstanding, up to 67% of total mortgage debt from just 52% in

2011.

Sources:

1. Federal Reserve Flow of Funds Data. Notes: Data as of Q1 2022.

2. Idzelis, Christine. “Fed May Need to Be Even More Aggressive Fighting Inflation as U.S. Household Cash Exceeds Debt for First Time in Three

Decades, Warns Deutsche Bank.” MarketWatch, MarketWatch, 20 Apr. 2022, https://www.marketwatch.com/story/fed-may-need-to-be-evenmore-aggressive-fighting-inflation-as-u-s-household-cash-exceeds-debt-for-first-time-in-three-decades-warns-deutsche-bank-11650474606.

$ Trillions

45.0

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

20002001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

2021Q12021Q22021Q32021Q42022Q1 $39.8

$27.8

$12.0

Debt Household Equity Total Value

$ Trillions 10

9

8

7

6

5

4

3

2

1

0

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

$8.58

$3.41

$0.40

$0.39

Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
State of the US Housing Market

2.3 Serious Delinquency Rates

Serious delinquency rates for single-family GSE, FHA, and VA loans all continued to fall sharply in Q1 2022. From

Q4 2021 to Q1 2022, Fannie and Freddie serious delinquencies decreased 24 and 20 bps, respectively, or 19%

and 18% respectively, as a percentage change. Ginnie Mae collateral’s serious delinquency rates decreased

more than the GSE rates in absolute terms, with FHA and VA dropping 115 and 67 bps respectively. This decline

in serious delinquency rates is consistent with the decrease in the number of loans in forbearance captured in

Section 2.4 below.

Global Markets Analysis Report

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Markets

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Sources:

1. Fannie Mae and Freddie Mac Monthly Summary Reports

2. MBA Delinquency Survey.

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q4 2021.

Serious Delinquency Rates 12%

10%

8%

6%

4%

2%

0%

3Q051Q063Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q22 5.15%

3.15%

1.01%

0.92%

FHA Fannie Mae Freddie Mac VA

Serious Delinquency Rates: Single‐Family Loans
State of the US Housing Market

2.4 Characteristics of Ginnie Mae Loans in Forbearance

141,588 Ginnie Mae loans were in forbearance as of the end of April 2022. This represents a 5.1% decrease

MoM. 6,219 of loans in forbearance were removed from MBS pools and 135,369 loans in forbearance still

actively remain in pools. Most liquidated loans (4,556) were FHA and within that subset, 2,434 of those loans

were originated by non-banks.

Global Markets Analysis Report

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All Loans in Forbearance – April 2022

 FICO Score* Note Rate* Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase Share 

(%) Loan Count

Ginnie 658 3.4 $ 184,012.62 77.0 70.5 141,588

Bank 672 3.8 $ 131,613.50 78.5 81.0 15,633

Non‐bank 657 3.3 $ 190,545.96 76.8 69.6 125,955

FHA 654 3.4 $ 180,000.00 79.8 76.0 101,027

Bank 667 3.9 $ 123,883.86 82.2 84.5 11,874

Non‐bank 653 3.4 $ 187,379.64 79.6 75.3 89,153

VA 668 3.1 $ 232,663.05 63.4 50.2 28,713

Bank 685 3.5 $ 182,448.62 63.3 68.6 2,782

Non‐bank 666 3.1 $ 237,646.88 63.4 48.7 25,931

Loans in Forbearance and Removed from Pools – April 2022

 FICO Score* Note Rate* Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase Share 

(%) Loan Count

Ginnie 656 3.8 $ 138,626.11 67.6 71.7 6,219

Bank 669 4.3 $ 100,437.20 71.8 70.3 2,548

Non‐bank 653 3.7 $ 170,767.05 66.4 72.1 3,671

FHA 650 4.0 $ 130,318.93 68.9 76.8 4,556

Bank 663 4.4 $ 96,776.70 74.2 69.6 2,122

Non‐bank 645 3.8 $ 166,289.52 67.2 79.1 2,434

VA 670 3.5 $ 188,853.89 58.4 53.8 1,202

Bank 684 3.9 $ 140,844.24 55.1 67.1 304

Non‐bank 667 3.4 $ 205,631.57 59.2 51.3 898

Loans in Forbearance that Remain in Pools – April 2022

 FICO Score* Note Rate* Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase Share 

(%) Loan Count

Ginnie 658 3.3 $ 186,000.00 77.3 70.4 135,369

Bank 672 3.7 $ 138,695.59 79.1 82.1 13,085

Non‐bank 657 3.3 $ 191,039.16 77.1 69.6 122,284

FHA 654 3.4 $ 182,094.77 80.2 76.0 96,471

Bank 667 3.8 $ 130,943.56 83.0 86.1 9,752

Non‐bank 653 3.4 $ 187,989.83 80.0 75.2 86,719

VA 668 3.1 $ 234,339.44 63.6 50.1 27,511

Bank 685 3.4 $ 188,781.32 63.8 68.7 2,478

Non‐bank 666 3.0 $ 238,722.57 63.6 48.6 25,033

Sources: Ginnie Mae loan level MBS disclosure and forbearance file and Ginnie Mae Issuer Operational Performance Profile (IOPP) -Peer Group Listings.

Notes: Data as of April 2022; *Averages weighted by remaining principal balance of the loans. Beginning with the May 2022 GMAR Report, Credit Unions

will be classified as Banks based on the updated Recursion data source.
State of the US Housing Market

Global Markets Analysis Report

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Markets

Page

16

 

 

 

 

 

Number of Loans Removed from Pools: Non‐bank

The current share of Ginnie Mae loans in forbearance stands at 1.23% as of the end of May 2022, an 8 bp MoM

decline from 1.31% observed as of the end of April 2022. With the forbearance rate for Ginnie Mae collateral

having been just 0.25% in March of 2020, prior to lockdown and the introduction of borrowers’ right to

forbearance under the CARES Act, the current rates remain approximately five times higher than the

forbearance rate just prior to the pandemic, and the rate of convergence to pre-pandemic rates has continued

to slow down in May 2022.

Sources: Recursion. Notes: Data as of May 2022.

Sources: Recursion. Notes: Data as of May 2022. Beginning with the May 2022 GMAR Report, Credit Unions will be classified as Banks based on the

updated Recursion data source.

12%

10%

8%

6%

4%

2%

0%

Bank Forbearance Nonbank Forbearance All Forbearance

200,000

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

- MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

 -

350,000

300,000

250,000

200,000

150,000

100,000

50,000MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

Share of Ginnie Mae Loans in Forbearance
State of the US Housing Market

Global Markets Analysis Report

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17

Number of Loans Removed from Pools: FHA

 

Number of Loans Removed from Pools: VA

Of the Ginnie Mae loans that were liquidated from pools due to mortgage delinquency (these counts include all

delinquent buyouts, regardless of forbearance status), a higher share of the loans were FHA versus VA loans (top

charts, yellow areas). Liquidated loans across FHA and VA are now more likely to have coupons less than 3.5%

(bottom charts: “Number of Loans Removed from Pools by Coupon”). In May 2022, the number of loans

repurchased due to delinquency decreased 63% to 3,209 for FHA and decreased 58% to 799 for VA loans.

Sources: Recursion. Notes: Data as of May 2022.

300,000

250,000

200,000

150,000

100,000

50,000

0

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

<3.5 LOSS MITIGATION <3.5 REPURCHASE OF DELINQUENT LOAN

<3.5 MORTGAGOR PAYOFF

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

>=3.5 LOSS MITIGATION >=3.5 REPURCHASE OF DELINQUENT LOAN

>=3.5 MORTGAGOR PAYOFF

Additionally, a small number of loans were removed due to ‘Foreclosure with Claim’ and 'Other' reasons in November 2021.

Number of Loans Removed from Pools by Coupon
State of the US Housing Market

2.5 Ginnie Mae Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 25% of new Agency issuance over the past year. The share of Ginnie

Mae’s new Agency issuance varies across states, with the highest Ginnie Mae share in Alaska (50%) and the

lowest in the District of Columbia (15%). The same holds true for Agency issuance outstanding, with the highest

Ginnie Mae outstanding share in Alaska (47%) and the lowest in the District of Columbia (12%). There is

currently no difference between Ginnie Mae’s share of new Agency issuance and Ginnie Mae’s share of Agency

outstanding, as they are both 25%.

Global Markets Analysis Report

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Agency Issuance (past 1 year) Agency Outstanding 

National 

GNMA 

Share 

GNMA Loan 

Count 

GNMA Avg. Loan 

Size (000) 

GSE Avg. Loan 

Size (000) GNMA Share by UPB GNMA Loan Count 

GNMA Avg. Loan Size 

(000) 

GSE Avg. Loan Size 

(000) 

25% 3,308,439 263.24 270.02 25% 10,380,700 198.87 209.11

AK 50% 11,400 318.06 280.87 47% 36,505 257.23 219.78

AL 38% 68,313 207.42 224.10 39% 228,913 151.38 175.72

AR 36% 36,639 177.01 205.68 38% 133,716 127.97 158.82

AZ 24% 105,013 280.19 287.06 23% 263,424 209.88 222.38

CA 18% 251,412 415.72 409.00 16% 655,971 319.61 321.28

CO 25% 80,494 365.44 347.11 23% 207,350 281.67 274.34

CT 25% 31,346 247.90 266.80 25% 102,481 198.25 208.85

DC 15% 2,822 504.68 438.18 12% 8,622 374.55 352.67

DE 30% 16,315 251.27 266.74 31% 49,910 200.25 209.23

FL 31% 291,475 262.53 267.20 31% 815,629 203.58 207.00

GA 32% 162,414 229.65 262.59 33% 481,239 172.37 202.79

HI 36% 11,974 580.38 465.03 31% 32,539 462.35 358.23

IA 22% 21,717 177.69 191.17 21% 80,412 130.60 148.80

ID 22% 20,199 306.50 293.03 22% 62,057 208.46 219.66

IL 22% 106,954 203.03 234.78 21% 350,900 156.38 178.63

IN 29% 79,204 176.58 193.96 29% 270,931 129.12 148.69

KS 28% 26,096 185.25 212.07 28% 94,368 136.19 162.54

KY 32% 46,575 186.10 201.04 33% 159,684 139.27 154.55

LA 41% 57,306 198.46 226.35 39% 191,614 154.71 176.89

MA 17% 38,163 348.76 346.70 15% 109,254 277.57 269.49

MD 34% 98,448 325.03 314.17 33% 281,240 261.08 249.40

ME 25% 11,278 224.92 247.57 25% 36,810 172.55 190.22

MI 19% 76,511 176.18 203.20 19% 266,843 129.81 156.00

MN 17% 44,110 234.52 254.91 17% 156,239 178.23 197.23

MO 27% 67,293 186.82 207.21 28% 238,408 137.79 160.91

MS 46% 32,868 189.82 204.79 47% 117,993 139.06 159.71

MT 23% 9,749 278.53 283.28 23% 31,914 202.25 213.61

NC 27% 129,517 228.06 259.49 28% 402,957 169.17 198.71

ND 26% 5,403 237.72 234.34 23% 16,606 190.60 184.93

NE 24% 16,539 202.58 204.97 26% 63,763 144.41 159.58

NH 21% 11,537 282.65 277.78 22% 37,531 220.29 213.34

NJ 22% 74,671 295.65 320.10 21% 222,927 234.59 254.02

NM 35% 25,656 222.70 232.14 37% 92,686 161.85 176.26

NV 30% 50,261 308.61 296.95 29% 127,637 240.03 231.91

NY 19% 70,316 294.64 336.92 19% 299,187 203.83 247.13

OH 26% 111,876 172.43 194.51 28% 410,465 126.53 147.90

OK 39% 47,782 189.32 208.06 41% 185,154 136.98 160.01

OR 20% 37,439 323.55 325.71 19% 107,224 247.01 251.07

PA 23% 96,514 194.03 235.96 25% 378,748 146.37 180.77

RI 31% 11,466 291.19 271.81 29% 34,233 226.67 212.02

SC 33% 78,556 231.48 244.04 33% 225,127 176.86 189.46

SD 28% 7,763 226.18 225.13 29% 28,681 167.97 176.28

TN 29% 82,556 235.37 257.47 31% 264,143 168.25 200.51

TX 30% 321,113 237.74 273.25 31% 1,053,252 175.28 207.65

UT 19% 34,318 335.44 332.42 18% 92,424 249.33 260.06

VA 37% 144,598 321.72 313.31 35% 431,769 251.94 250.28

VT 17% 141 387.23 391.25 23% 757 239.69 299.18

VI 19% 3,320 225.89 244.60 18% 11,873 178.30 179.36

WA 22% 80,250 367.44 368.66 21% 226,858 276.74 287.26

WI 17% 36,239 199.45 214.12 16% 120,077 152.93 163.30

WV 42% 16,166 188.61 191.89 42% 57,083 140.90 144.63 

WY 35% 8,354 250.26 251.68 34% 24,572 202.53 200.65

Sources: Recursion. Notes: Outstanding balance is based on loan balance as of May 2022. Ginnie Mae issuance is based on the last 12 months, from April

2021 to May 2022. Values above are based on loan level disclosure data, thus excluding loan balances for the first six months that loans are in a pool. This

accounts for the difference in the share of outstanding MBS represented above and in Section 2.6 Outstanding Single-Family Agency MBS.
State of the US Housing Market

Global Markets Analysis Report

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2.6 Outstanding Single‐Family Agency MBS

As of May 2022, outstanding single-family MBS in the Agency market totaled $8.37 trillion: 42.2% Fannie Mae,

33.7% Freddie Mac, and 24.1% Ginnie Mae MBS. Over the past twelve months, Freddie Mac’s, Fannie Mae’s and

Ginnie Mae’s total outstanding MBS increased by approximately 14.8%, 7.4% and 4.9%, respectively. Despite

this, Fannie Mae outstanding MBS remains larger than either Freddie or Ginnie by approximately $707 billion

and $1.5 trillion, respectively.

Ginnie Mae MBS collateral composition has changed dramatically over the past ten years. In December 2011,

76% of Ginnie Mae outstanding collateral was FHA and 19.5% was VA. In May 2022, FHA collateral comprised

52.3% of Ginnie Mae MBS outstanding and VA collateral comprised 42.4% of Ginnie Mae MBS outstanding.

Outstanding Agency Mortgage‐Backed Securities

Sources: Recursion. Notes: Data as of May 2022.

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

$8,366

$3,529

$2,822

$2,015 $ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

Composition of Outstanding Ginnie Mae Mortgage‐Backed Securities

1400

1200

1000

800

600

400

200

0

$1,055

$856

$107 $ in Billions

FHA VA OTHER
State of the US Housing Market

2.7 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time

As of May 2022, the weighted average coupon on outstanding Ginnie Mae increased slightly from 2.89% in April

2022 to 2.90%. The share of outstanding MBS pools with coupons below 3.0% (50% as of May 2022) began a

rapid expansion in 2020. With rates rising to over 6.0% in June, this expansion is likely to stop. The bottom chart

illustrates that loans originated since 2019 account for 74% of Ginnie MBS collateral outstanding.

Sources: Recursion. Note: May 2022 data points reflect the current composition of balances by coupon and vintage; factor data is not applied to prior date

balance compositions. Average coupon is weighted by remaining principal balance.

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20

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

4.1

3.9

3.7

3.5

3.3

3.1

2.9

2.7

Nov/15

Jan/16

Mar/16

May/16

Jul/16

Sep/16

Nov/16

Jan/17

Mar/17

May/17

Jul/17

Sep/17

Nov/17

Jan/18

Mar/18

May/18

Jul/18

Sep/18

Nov/18

Jan/19

Mar/19

May/19

Jul/19

Sep/19

Nov/19

Jan/20

Mar/20

May/20

Jul/20

Sep/20

Nov/20

Jan/21

Mar/21

May/21

Jul/21

Sep/21

Nov/21

Jan/22

Mar/22

May/22

Avg Coupon %

<3 >=3 and <3.5 >=3.5 and <4 >=4 Average Coupon %

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Aug/14

Nov/14

Feb/15

May/15

Aug/15

Nov/15

Feb/16

May/16

Aug/16

Nov/16

Feb/17

May/17

Aug/17

Nov/17

Feb/18

May/18

Aug/18

Nov/18

Feb/19

May/19

Aug/19

Nov/19

Feb/20

May/20

Aug/20

Nov/20

Feb/21

May/21

Aug/21

Nov/21

Feb/22

May/22

Pre 2008 2008-2013 2014-2018 2019-2022

Outstanding Ginnie Mae MBS Balance, by Coupon

Outstanding Ginnie Mae MBS Balance, by Vintage
State of the US Housing Market

Global Markets Analysis Report

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2.8 Origination Volume and Share Over Time

Origination volume trends declined in Q1 2022, with $725 billion in originations in Q1, which fell short of Q4

2021 issuance by approximately 34%. Ginnie Mae’s share of total origination increased 20.0% from 14.5% to

17.4% in Q1 2022.

First Lien Origination Volume & Share

 

Source: Inside Mortgage Finance. Note: Data as of Q1 2022.

$4.5

$4.0

$3.5

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0

$0.11

$0.04

$0.13

$0.46

$ trillions GSE securitization FHA/VA securitization PLS securitization Portfolio

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

14.7%

4.8%

17.4%

63.0%

100%
US Agency Market, Issuance

3.0 US Agency Market, Single‐Family Issuance

Agency gross MBS issuance decreased MoM by 13.9% (from April to May). All three agencies saw decreases in

gross issuance as compared to April. Ginnie Mae’s $45.0 billion in gross issuance in May was approximately 36%

below the average monthly issuance for 2021.

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22

Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2001 $506.9 $378.2 $885.1 $171.5 $1,056.6

2002 $710.0 $529.0 $1,238.9 $169.0 $1,407.9

2003 $1,174.4 $700.5 $1,874.9 $213.1 $2,088.0

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

2007 $633.0 $433.3 $1,066.2 $94.9 $1,161.1

2008 $562.7 $348.7 $911.4 $267.6 $1,179.0

2009 $817.1 $462.9 $1,280.0 $451.3 $1,731.3

2010 $626.6 $377.0 $1,003.5 $390.7 $1,394.3

2011 $578.2 $301.2 $879.3 $315.3 $1,194.7

2012 $847.6 $441.3 $1,288.8 $405.0 $1,693.8

2013 $749.9 $426.7 $1,176.6 $393.6 $1,570.2

2014 $392.9 $258.0 $650.9 $296.3 $947.2

2015 $493.9 $351.9 $845.7 $436.3 $1,282.0

2016 $600.5 $391.1 $991.6 $508.2 $1,499.8

2017 $531.3 $345.9 $877.3 $455.6 $1,332.9

2018 $480.9 $314.1 $795.0 $400.6 $1,195.6

2019 $597.4 $445.2 $1,042.6 $508.6 $1,551.2

2020 $1,343.4 $1,064.1 $2,407.5 $775.4 $3,182.9

2021 $1,388.7 $1,244.9 $2,633.7 $838.3 $3,471.9

2022 YTD $363.2 $310.5 $673.7 $248.2 $921.9

Ginnie Mae Gross Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 $389.7 $370.9 $175.7 $614.5

2022 YTD $129.1 $111.5 $7.6 $248.2
US Agency Market, Issuance

Agency net issuance in May was approximately $41.6 billion, which represents a 17.3% MoM decrease in net

issuance. Ginnie Mae net issuance was $15.5 billion in May. As noted in Section 2.6, VA net issuance continues

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to outpace FHA.

Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

2001 $216.6 $151.8 $368.4 -$9.9 $358.5

2002 $218.9 $138.3 $357.2 -$51.2 $306.1

2003 $293.7 $41.1 $334.9 -$77.6 $257.3

2004 $32.3 $50.2 $82.5 -$40.1 $42.4

2005 $62.5 $111.7 $174.2 -$42.2 $132.0

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

2010 -$156.4 -$146.8 -$303.2 $198.3 -$105.0

2011 -$32.6 -$95.8 -$128.4 $149.6 $21.2

2012 $32.9 -$75.3 -$42.4 $119.1 $76.8

2013 $53.5 $11.8 $65.3 $89.6 $154.9

2014 -$4.0 $30.0 $26.0 $61.6 $87.7

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 YTD $126.7 $116.0 $242.7 $59.4 $544.8

Ginnie Mae Net Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

2002 -$22.5 -$28.7 $0.0 -$51.2

2003 -$56.5 -$21.1 $0.0 -$77.6

2004 -$45.2 $5.1 $0.0 -$40.1

2005 -$37.3 -$12.1 $7.2 -$42.2

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 YTD $25.3 $35.4 -$1.3 $59.4

 
US Agency Market, Issuance

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Agency Gross Issuance Amount (in $ Billions) Agency Net Issuance Amount (in $ Billions)

Month Fannie Mae Freddie Mac Ginnie Mae GSEs Total Fannie Mae Freddie Mac Ginnie Mae GSEs Total

Nov-17 $43.5 $37.2 $37.8 $80.7 $118.5 $3.9 $13.6 $8.3 $17.5 $25.8

Dec-17 $45.3 $30.0 $36.2 $75.3 $111.5 $9.2 $8.1 $7.0 $17.4 $24.4

Jan-18 $47.4 $21.4 $35.4 $68.8 $104.2 $12.1 $0.2 $7.7 $12.3 $20.0

Feb-18 $40.3 $21.5 $32.0 $61.8 $93.8 $8.3 $2.2 $7.1 $10.5 $17.6

Mar-18 $35.6 $21.3 $29.1 $56.9 $86.0 $4.9 $3.0 $6.3 $7.9 $14.1

Apr-18 $36.3 $26.2 $32.8 $62.5 $95.3 $1.7 $6.0 $8.8 $7.7 $16.5

May-18 $38.9 $27.5 $33.8 $66.4 $100.2 $5.1 $7.2 $10.5 $12.3 $22.8

Jun-18 $38.2 $28.8 $35.6 $67.0 $102.6 $2.5 $6.8 $10.3 $9.3 $19.6

Jul-18 $40.3 $26.2 $35.6 $66.5 $102.2 $4.2 $3.7 $10.4 $7.8 $18.3

Aug-18 $50.4 $29.9 $37.5 $80.3 $117.8 $15.8 $7.9 $12.5 $23.6 $36.1

Sep-18 $41.8 $30.1 $34.8 $71.8 $106.6 $5.9 $6.2 $9.0 $12.1 $21.1

Oct-18 $39.8 $27.4 $33.2 $67.1 $100.3 $9.7 $7.1 $11.4 $16.8 $28.2

Nov-18 $35.1 $30.1 $32.4 $65.2 $97.6 $3.6 $11.0 $9.8 $14.6 $24.4

Dec-18 $36.9 $23.9 $28.4 $60.7 $89.1 $8.2 $6.4 $8.2 $14.6 $22.8

Jan-19 $33.3 $19.2 $29.0 $52.6 $81.6 $5.9 $2.5 $9.2 $8.3 $17.6

Feb-19 $27.3 $19.9 $23.5 $47.2 $70.7 $1.4 $3.4 $4.6 $4.7 $9.3

Mar-19 $29.6 $27.3 $26.6 $56.9 $83.5 $1.8 $10.3 $5.6 $12.0 $17.6

Apr-19 $33.1 $30.8 $32.9 $63.9 $96.8 $1.3 $10.8 $8.3 $12.0 $20.4

May-19 $44.5 $34.3 $38.8 $78.8 $117.6 $6.7 $9.8 $9.4 $16.6 $26.0

Jun-19 $44.6 $34.0 $43.3 $78.6 $121.9 $1.9 $5.9 $9.0 $7.8 $16.8

Jul-19 $51.7 $36.9 $45.9 $88.6 $134.5 $10.9 $10.1 $11.0 $21.0 $32.0

Aug-19 $71.1 $50.4 $51.2 $121.4 $172.6 $20.8 $17.1 $8.7 $37.9 $46.6

Sep-19 $67.1 $43.0 $52.0 $110.1 $162.1 $14.1 $7.5 $6.5 $21.5 $28.0

Oct-19 $65.0 $46.2 $58.4 $111.2 $169.6 $7.4 $7.1 $11.9 $14.6 $26.5

Nov-19 $68.1 $50.7 $54.3 $118.7 $173.1 $5.2 $8.6 $4.1 $13.8 $18.0

Dec-19 $62.1 $52.5 $52.7 $114.6 $167.3 $10.1 $17.3 $7.4 $27.3 $34.7

Jan-20 $61.7 $51.4 $56.0 $113.1 $169.0 $9.1 $16.5 $8.6 $25.6 $34.2

Feb-20 $56.5 $39.5 $51.2 $96.0 $147.2 $9.4 $7.9 $7.1 $17.4 $24.4

Mar-20 $69.5 $41.4 $53.0 $110.8 $163.9 $17.9 $6.3 $8.8 $24.2 $33.0

Apr-20 $101.6 $76.3 $61.4 $177.9 $239.3 $30.5 $27.5 $10.2 $58.0 $68.2

May-20 $124.3 $70.6 $60.8 $194.9 $255.7 $35.2 $8.2 $5.7 $43.4 $49.1

Jun-20 $118.9 $78.1 $58.5 $197.0 $255.4 $30.0 $15.9 $1.3 $45.9 $47.2

Jul-20 $125.0 $108.1 $66.5 $233.1 $299.5 $23.4 $38.0 -$15.5 $61.4 $45.9

Aug-20 $137.6 $113.6 $73.6 $251.3 $324.8 $34.2 $43.4 -$4.1 $77.6 $73.5

Sep-20 $122.9 $102.1 $72.4 $225.0 $297.5 $16.5 $29.9 $1.0 $46.5 $47.5

Oct-20 $142.3 $124.8 $72.6 $267.1 $339.7 $28.9 $48.3 -$0.3 $77.2 $76.9

Nov-20 $152.4 $131.5 $72.6 $283.9 $356.5 $31.4 $48.4 -$4.5 $79.8 $75.3

Dec-20 $130.8 $126.7 $76.9 $257.5 $334.4 $22.8 $53.1 $1.7 $75.8 $77.5

Jan-21 $141.6 $117.3 $78.2 $258.9 $337.1 $25.9 $37.9 -$6.5 $63.8 $57.3

Feb-21 $118.8 $115.5 $72.3 $234.3 $306.6 $16.8 $44.3 -$0.9 $61.1 $60.2

Mar-21 $143.9 $118.9 $76.9 $262.8 $339.7 $37.6 $44.0 $1.0 $81.6 $82.6

Apr-21 $148.0 $142.3 $85.6 $290.3 $375.9 $26.2 $57.0 -$4.2 $83.3 $79.0

May-21 $132.3 $91.4 $71.7 $223.7 $295.4 $64.9 $38.8 -$3.1 $103.7 $100.6

Jun-21 $108.5 $91.2 $67.7 $199.7 $267.4 $34.0 $33.7 $2.6 $67.8 $70.4

Jul-21 $95.4 $84.6 $69.0 $180.0 $249.0 $27.6 $31.9 -$1.4 $59.5 $58.0

Aug-21 $104.8 $109.3 $66.6 $214.1 $280.8 $27.5 $48.5 $1.4 $76.1 $77.4

Sep-21 $102.9 $105.3 $68.0 $208.3 $276.3 $26.4 $45.6 $3.1 $72.0 $75.1

Oct-21 $105.1 $102.7 $62.5 $207.8 $270.3 $34.6 $46.9 $1.9 $81.5 $83.4

Nov-21 $93.6 $81.1 $60.8 $174.7 $235.5 $29.5 $34.9 $3.1 $64.4 $67.6

Dec-21 $93.7 $85.4 $58.9 $179.1 $238.0 $33.8 $34.4 $5.7 $68.3 $73.9

Jan-22 $93.1 $64.1 $49.0 $157.2 $206.2 $44.0 $46.2 $8.3 $90.2 $97.3

Feb-22 $73.3 $62.3 $47.3 $135.6 $182.8 $28.7 $28.3 $4.2 $57.0 $60.2

Mar-22 $76.8 $62.9 $47.4 $139.7 $187.1 $23.1 $22.6 $6.9 $45.7 $52.6

Apr-22 $65.3 $53.5 $47.8 $118.8 $166.6 $17.7 $19.5 $13.2 $37.2 $50.3

May-22 $54.7 $43.7 $45.0 $98.4 $143.4 $12.5 $13.6 $15.5 $26.1 $41.6

Source: Net issuance is defined here as the difference between prior period UPB and current period UPB. Data as of May 2022. Beginning with the October

2021 GMAR, the Fannie Mae and Freddie Mac net issuance data have been updated to reflect the current UPB of the portfolios. July 2021 through February

2022 GMAR net issuance data reflect the UPB at security issuance for Fannie Mae and Freddie Mac. As of January 2022, data source is Recursion.
US Agency Market, Issuance

3.1 Percent Refi at Issuance

The Ginnie Mae refinance share was 25% in May 2022:

 The FHA refinance share dropped for the second straight month to 20% in May 2022, below

the 37% share for Fannie, the 39% refi share for Freddie originations, and the 32% share for

the VA.

 Refinances as a share of all Agency originations decreased by approximately 20% to 34% in

April.

Sources: Recursion. Notes: Data as of May 2022

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39%

37%

25%

20%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

32%

Nov/13

Feb/14

May/14

Aug/14

Nov/14

Feb/15

May/15

Aug/15

Nov/15

Feb/16

May/16

Aug/16

Nov/16

Feb/17

May/17

Aug/17

Nov/17

Feb/18

May/18

Aug/18

Nov/18

Feb/19

May/19

Aug/19

Nov/19

Feb/20

May/20

Aug/20

Nov/20

Feb/21

May/21

Aug/21

Nov/21

Feb/22

May/22

Freddie Fannie Ginnie FHA VA
High LTV Loans: Ginnie Mae vs. 

GSEs

 

4.0 High LTV Loans: Ginnie Mae vs. GSEs

The share of high-LTV Agency loans going to borrowers with FICO scores above 750 has increased by

approximately 7% between periods March 2020 – May 2020 and March 2022 - May 2022. The share of borrowers

with DTIs below 35% decreased by approximately 1% over the same period. From the period between March 2020

– May 2020 to the period between March 2022 – May 2022, the share of high-LTV loans decreased in the Ginnie

Mae guarantee book by approximately 1% and the GSE portfolios increased by approximately 46%. Still, Ginnie

Mae maintains its key role of expanding credit access to low-to-moderate income borrowers as it continues to

dominate high-LTV lending, with 61.06% of its issuances between March 2022 and May 2022 having LTVs of 95 or

above, compared to 15.37% for the GSEs.

Share of Loans with LTV > 95

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 Ginnie Mae GSE All

Mar 2020 - May 2020 61.89% 10.53% 24.11% 

Mar 2022 - May 2022 61.06% 15.37% 28.26%

Agency Market Share by DTI and FICO for Loans with LTV > 95

Mar 2020‐May 2020

 FICO 

DTI <650 650-700 700-750 ≥750 NA All

<35 2.52% 4.08% 5.97% 9.39% 0.46% 22.41%

35‐45 5.27% 7.91% 9.39% 9.83% 0.17% 32.58%

≥45 5.32% 7.84% 6.86% 5.62% 0.08% 25.71%

NA 2.41% 3.35% 2.85% 3.07% 7.61% 19.30%

All 15.51% 23.17% 25.08% 27.92% 8.32% 100.00%

Mar 2022‐May 2022

 FICO 

DTI <650 650-700 700-750 ≥750 NA All

<35 2.45% 4.31% 5.86% 9.55% 0.07% 22.24%

35‐45 5.85% 9.26% 10.36% 11.55% 0.05% 37.09%

≥45 6.83% 10.84% 9.29% 8.37% 0.05% 35.37%

NA 0.98% 0.64% 0.40% 0.32% 2.95% 5.30%

All 16.11% 25.05% 25.91% 29.80% 3.13% 100.00%

Sources: Recursion and Ginnie Mae. Data as of May 2022
Holders of Ginnie Mae Mortgage 

Servicing Rights

5.0 Holders of Ginnie Mae Mortgage Servicing Rights

This table shows the 30 largest owners of mortgage servicing rights (MSR) by UPB for loans collateralizing Ginnie

Mae MBS. The top 30 firms collectively own 82.8% of Ginnie Mae MSRs (see Cumulative Share). Twenty-three of

these top 30 are non-depository institutions, the remaining 7 are depository institutions. As of May 2022, over

half (50.2%) of the Ginnie Mae MSRs are owned by the top six firms.

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Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

Rank MSR Holder UPB ($ millions) Share Cumulative Share 

1 FREEDOM HOME MORTGAGE $253,866,602,787 12.58% 12.58%

2 PENNYMAC LOAN SERVICING $230,709,867,373 11.43% 24.01%

3 LAKEVIEW LOAN SERVICING $212,478,955,141 10.53% 34.54%

4 WELLS FARGO BANK $118,794,926,631 5.89% 40.42%

5 ROCKET MORTGAGE $101,360,992,284 5.02% 45.44%

6 NATIONSTAR MORTGAGE $96,606,829,506 4.79% 50.23%

7 CARRINGTON MORTGAGE $74,975,495,757 3.71% 53.95%

8 NEWREZ $62,553,609,347 3.10% 57.04%

9 CALIBER HOME LOANS $51,105,368,817 2.53% 59.58%

10 U. S. BANK $48,555,985,319 2.41% 61.98%

11 UNITED WHOLESALE MORTGAGE $39,928,270,507 1.98% 63.96%

12 MORTGAGE RESEARCH CENTER $33,574,884,259 1.66% 65.62%

13 LOANDEPOT.COM, LLC $32,906,733,178 1.63% 67.26%

14 PLANET HOME LENDING $32,580,916,487 1.61% 68.87%

15 USAA FEDERAL SAVINGS $29,829,583,713 1.48% 70.35%

16 NAVY FEDERAL CREDIT $28,570,765,838 1.42% 71.76%

17 AMERIHOME MORTGAGE $22,333,222,506 1.11% 72.87%

18 THE MONEY SOURCE INC $21,151,492,537 1.05% 73.92%

19 GUILD MORTGAGE COMPA $20,855,158,246 1.03% 74.95%

20 TRUIST BANK $20,854,161,946 1.03% 75.98%

21 CROSSCOUNTRY MORTGAG $16,383,580,458 0.81% 76.80%

22 NEW AMERICAN FUNDING $15,616,890,374 0.77% 77.57%

23 VILLAGE CAPITAL & INVESTMENT $14,484,895,023 0.72% 78.29%

24 RUSHMORE LOAN MANAGEMENT $13,608,014,319 0.67% 78.96%

25 IDAHO HOUSING AND FINANCE $13,522,206,282 0.67% 79.63%

26 CITIZENS BANK N.A. $13,446,474,274 0.67% 80.30%

27 CMG MORTGAGE, INC. $13,292,311,445 0.66% 80.96%

28 MOVEMENT MORTGAGE, LL $13,281,381,552 0.66% 81.61%

29 MIDFIRST BANK $12,680,168,232 0.63% 82.24%

30 CARDINAL FINANCIAL $11,111,915,247 0.55% 82.79%

Source: Deloitte. Data as of April 2022.
Non-bank Originators

 

6.0 Agency Non‐bank Originators

Total Agency non-bank origination experienced a decrease in May, down approximately 3% since last month.

This decrease in non-bank origination share was driven primarily by Freddie Mac (non-bank origination share

down 5% MoM). The Ginnie Mae non-bank share fell to 87.5% as of May 2022 but has remained consistently

higher than the GSEs since September 2021 (89.1%). Ginnie Mae non-bank origination share of refinance

mortgage loans has continued to drive Ginnie Mae’s relatively higher non-bank origination share. GSE

origination volume of purchase mortgage loans has been the primary driver in the MoM decline of Agency nonbank origination share.

6.1 Agency Non‐bank Originator Share (All, Purchase, Refi)

Sources: Recursion. Notes: Data as of May 2022.

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100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

87.5%

77.4% 73.8% 71.4%

May-22

All Fannie Freddie Ginnie

100%

80%

60%

40%

20%

0%

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Fannie Freddie Ginnie

100%

80%

60%

40%

20%

0%

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Fannie Freddie Ginnie

 Non‐bank Origination Share: Purchase Loans Non‐bank Origination Share: Refi Loans
Non-bank Originators

 

 

Ginnie Mae’s total non-bank originator share decreased in May 2022, down 0.5% MoM. This decrease in Ginnie

Mae non-bank origination share was driven by decreases in FHA insured loans and PIH and RD- guaranteed

(“Other”) origination. The decrease in non-bank origination share of refi loans was primarily driven by Other

loans, with a decrease of approximately 1.81% MoM.

6.2 Ginnie Mae Non‐bank Originator Share (All, Purchase, Refi)

Sources: Recursion. Data as of May 2022.

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88.5%

84.4%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22 87.5%

86.9% FHA VA Other All

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All FHA VA Other

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All FHA VA Other

Ginnie Mae Non‐bank Share: Purchase Loans Ginnie Mae Non‐bank Share: Refi Loans
Non-bank Originators

6.3 Bank vs. Non‐bank Originators Historical Credit Box, Ginnie Mae vs. GSE (FICO, LTV, DTI)

The mortgage loan originations of non-banks continue to have a consistently lower median FICO score than their

bank counterparts across all Agencies. The spread between non-bank and bank FICO scores increased by 3 FICO

score points from April 2022 to May 2022. The Agency median FICO decreased by 1 FICO score point to 730

MoM.

Sources: Recursion. Notes: Data as of May 2022.

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780

770

760

750

740

730

720

710

700

690

680

747

730

724

All Median FICO Bank Median FICO Nonbank Median FICO

780

760

740

720

700

680

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Median FICO Bank Median FICO Nonbank Median FICO

720

710

700

690

680

670

660

650

640

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Median FICO Bank Median FICO Nonbank Median FICO

Agency FICO: Bank vs. Non-bank

GSE FICO: Bank vs. Non-bank Ginnie Mae FICO: Bank vs. Non-bank
Non-bank Originators

 

 

 

The median LTV for all GSE originators remained constant in May 2022 MoM at 75%. While Ginnie Mae median

bank LTV has been very flat at 98.19% since January 2021, non-bank median LTV has fluctuated more, although

remaining within 20 bps of 96.5% since April of 2021. Ginnie Mae median DTI remained consistent MoM at

approximately 43% in May 2022 in non-bank originations.

Sources: Recursion. Notes: Data as of May 2022.

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82

80

78

76

74

72

70

68

66

64

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Median LTV Bank Median LTV

Nonbank Median LTV

100

98

96

94

92

90

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Median LTV Bank Median LTV

Nonbank Median LTV

46

44

42

40

38

36

34

32

30

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Median DTI Bank Median DTI

Nonbank Median DTI

46

44

42

40

38

36

34

32

30

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Median DTI Bank Median DTI

Nonbank Median DTI

GSE LTV: Bank vs Non‐bank Ginnie Mae LTV: Bank vs. Non‐bank

GSE DTI: Bank vs Non‐bank Ginnie Mae DTI: Bank vs. Non‐bank
Non-bank Originators

 

 

In May 2022, the median FICO score for Ginnie Mae bank increased and non-bank originators remained at 669,

after a two month decline since February 2022. The median FICO for all Ginnie originations increased to 671

MoM. The gap between banks and non-banks is most apparent in VA lending (30-point spread).

Sources: Recursion. Notes: Data as of May 2022.

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

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700

690

680

670

660

650

640

630

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

770

750

730

710

690

670

650

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

740

730

720

710

700

690

680

670

660

650

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Oct-21

Apr-22

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

Ginnie Mae FICO Score: Bank vs. Non‐bank Ginnie Mae FHA FICO Score: Bank vs. Non‐bank

Ginnie Mae VA FICO Score: Bank vs. Non‐bank Ginnie Mae Other FICO Score: Bank vs. Non‐bank

720

710

700

690

680

670

660

650

640

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Median FICO Bank Median FICO

Nonbank Median FICO
Non-bank Originators

 

 

 

Median DTI for Ginnie Mae non-bank originations has been consistently higher than the median DTI for Ginnie

Mae bank originations. This is a trend evident for all Ginnie Mae-eligible loan types except for the “Other”

category, where the spread between median bank and non-bank DTI is relatively small.

Sources: Recursion. Notes: Data as of May 2022.

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page

33

46

44

42

40

38

36

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

46

44

42

40

38

36

34

32

30

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

46

44

42

40

38

36

34

32

30

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI

Ginnie Mae DTI: Bank vs. Non-bank Ginnie Mae FHA DTI: Bank vs. Non-bank

Ginnie Mae VA DTI: Bank vs. Non-bank Ginnie Mae Other DTI: Bank vs. Non-bank

46

44

42

40

38

36

34

32

30

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

All Median DTI Bank Median DTI

Nonbank Median DTI
Fixed Income Market Conditions

7.0 Fixed Income Market Conditions

Agency MBS average daily trading volume as of May 2022 was $260 billion for 2022 YTD, which is down from

$281 billion from January 2021 to December 2021. January 2022 remained the highest month of Agency MBS

trading volume since February 2021. Agency MBS turnover in 2021 was 25 bps lower than its 2020 average, at

2.70% and 2.95% respectively. 2021 Agency MBS turnover and US Treasury turnover both finished lower than

the 2020 averages at 2.70% and 2.87% respectively. Corporates turnover remains minimal relative to either

Agency MBS or Treasury turnover.

7.1 Average Daily Trading Volume and Turnover by Sector

Source: SIFMA. Note: Data as of May 2022 for Average Daily Trading Volume by Sector and as of December 2021 for Average Daily Turnover by Sector

Global Markets Analysis Report

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Markets

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34

$600

$500

$400

$300

$200

$100

$0

$666

$260

$40

$700

$ Billions

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Agency MBS trading vol ($B) Treasury trading volume ($B) Corporates trading volume ($B)

14%

12%

10%

8%

6%

4%

2%

0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

2.87%

2.70%

0.37%

Agency MBS Turnover Treasury Turnover Corporates Turnover

Average Daily Trading Volume by Sector

Average Daily Turnover by Sector
Prepayments

8.0 Prepayments

In May 2022, Ginnie Mae fixed rate prepayment speed decreased by 16.1%, to approximately 13.8 CPR.

Comparatively, Fannie Mae and Freddie Mac fixed rate prepayment speeds decreased by 13.0% and 16.4% MoM

to 9.8 and 9.3 CPR, respectively. ARM MBS prepayments for Ginnie Mae increased by 66.2% MoM, while Freddie

Mac and Fannie Mae posted decreases in ARM prepayment speeds of 4.7% and 1.6% MoM respectively.

8.1 Aggregate Prepayments

Source: Recursion; Note: Data as of May 2022.

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page

35

60

40

20

0

13.8

9.8

9.3

Constant Prepayment Rate (%)

Fixed Rate Aggregate Prepayments

FHL FNM GNM

17.0

17.7

70

60

50

40

30

20

10

0

30.4

Constant Prepayment Rate (%)

ARM Aggregate Prepayments

FHL FNM GNM
MBS Ownership

 

 

9.0 MBS Ownership

As of Q1 2022, the largest holders of Agency debt (Agency MBS + Agency notes and bonds) included commercial

banks (26%), the Federal Reserve (25%), and foreign investors (11%). The Federal Reserve’s share remained at

25% in the first quarter of 2022, the highest it has been since 2015. Despite large Federal Reserve purchases,

commercial banks continue to be the largest holders of Agency MBS. Out of their nearly $2.9 trillion in holdings

as of the end of May 2022, $2.1 trillion was held by the top 25 domestic banks.

Source: Federal Reserve Flow of Funds. Note: The “other” category includes primarily life insurance companies, state and local governments, households

and nonprofits. Data as of Q1 2022.

9.1 Commercial Bank Holdings of Agency MBS

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page

36

Commercial Bank Holdings ($Billions) Week Ending

Apr‐21 Oct‐21 Nov‐21 Dec‐21 Jan‐21 Feb‐22 Mar‐22 Apr‐22 4‐May 11‐May 18‐May 25‐May

Largest 25 

Domestic Banks 1,987.5 2,149.9 2,140.2 2,153.7 2,188.8 2,200.4 2,186.8 2,163.9 2,133.5 2,144.4 2,141.6 2,136.6

Small Domestic 

Banks 686.9 712.0 721.5 730.7 742.2 748.6 744.1 736.1 726.5 728.5 727.0 730.6

Foreign Related 

Banks 51.8 47.9 46.2 44.0 43.3 40.7 36.4 32.7 31.4 31.8 31.8 30.7

Total, Seasonally 

Adjusted 2,726.2 2,909.8 2,907.9 2,928.4 2,974.3 2,989.7 2,967.3 2,932.7 2,891.4 2,904.7 2,900.4 2,879.9

 

Source: Federal Reserve Bank. Note: Small domestic banks include all domestically chartered commercial banks not included in the top 25. Data as of May

2022.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2017Q1 2017Q3 2018Q1 2018Q3 2019Q1 2019Q3 2020Q1 2020Q3 2021 Q1 2021 Q3 2022 Q1

Fed Commercial Banks Dealers GSEs REITs Mutual Funds Money Market Funds & Pension Funds Credit Unions Foreign Investment Other

Who Owns Total Agency Debt?
MBS Ownership

 

9.2 Bank and Thrift Residential MBS Holdings

In Q1 2022, MBS holdings at banks and thrifts decreased for the first in thirteen consecutive quarters. The

decrease was driven by GSE pass-throughs, Private MBS, and Agency CMO holdings, with the decrease in GSE

pass-throughs making the largest contribution. In contrast, Ginnie Mae pass-throughs increased by

approximately 4.5%. Total bank and thrift MBS holdings decreased by approximately 4% from Q4 2021. Out of

the $2.8 trillion in MBS holdings at banks and thrifts as of Q1 2022, $2.3 trillion were Agency pass-throughs,

including $1.8 trillion of GSE pass-throughs and $368 billion of Ginnie Mae pass-throughs.

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital Page

M 37 arkets

All Banks & Thrifts

($ in billions) 

All MBS

($ in billions) 

Year Total GSE PT GNMA PT Private MBS Agency CMO Private CMO Banks Thrifts

2001 810.50 270.59 109.53 37.62 236.91 76.18 606.91 203.37 

2002 912.36 376.11 101.46 20.08 244.98 89.88 702.44 209.66 

2003 982.08 461.72 75.11 19.40 236.81 106.86 775.66 206.45 

2004 1,113.89 572.40 49.33 20.55 208.18 160.55 879.75 234.31 

2005 1,033.77 566.81 35.92 29.09 190.70 211.25 897.06 242.69 

2006 1,124.46 628.52 31.13 42.32 179.21 243.28 983.49 223.42 

2007 1,149.10 559.75 31.58 26.26 174.27 357.24 971.42 264.59 

2008 1,218.77 638.78 100.36 12.93 207.66 259.04 1,088.00 211.73 

2009 1,275.52 629.19 155.00 7.53 271.17 212.64 1,161.67 184.07 

2010 1,433.38 600.80 163.13 7.34 397.30 181.61 1,233.28 200.09 

2011 1,566.88 627.37 214.81 3.28 478.82 167.70 1,359.24 207.64 

2012 1,578.86 707.87 242.54 17.16 469.27 138.67 1,430.63 148.22 

2013 1,506.60 705.97 231.93 26.11 432.60 114.15 1,363.65 142.94 

2014 1,539.32 733.71 230.45 20.33 449.90 104.94 1,409.84 129.48 

2015 1,643.56 823.10 292.30 11.14 445.39 71.63 1,512.67 130.89 

2016 1,736.93 930.67 323.46 7.40 419.80 55.60 1,576.07 160.86 

2017 1,844.15 1,010.83 367.70 4.63 413.97 47.01 1,672.93 171.22 

1Q18 1,809.98 991.57 360.71 3.92 412.41 41.37 1,635.52 174.46 

2Q18 1,806.58 976.92 368.88 7.45 414.41 38.92 1,631.65 174.93 

3Q18 1,794.39 966.52 373.21 2.42 416.20 36.04 1,618.29 176.10 

4Q18 1,814.97 980.56 380.43 2.69 416.59 34.69 1,634.99 179.98 

1Q19 1,844.99 1,001.61 383.49 3.06 422.18 34.65 1,673.40 171.59 

2Q19 1,907.13 1,037.93 407.97 2.90 421.56 36.76 1,727.65 179.47 

3Q19 1,975.78 1,079.82 427.10 4.74 428.69 35.44 1,786.74 189.04 

4Q19 1,985.38 1,089.41 426.85 4.62 428.99 35.52 1,796.29 189.09 

1Q20 2,107.66 1,173.36 448.34 4.65 443.73 37.57 1,907.02 200.64 

2Q20 2,195.19 1,228.87 441.06 5.00 478.11 42.14 1,946.36 248.83 

3Q20 2,310.42 1,349.48 415.24 4.43 499.50 41.78 2,040.61 269.81 

4Q20 2,520.90 1,537.54 390.66 3.94 548.65 40.10 2,210.22 310.68 

1Q21 2,690.92 1,713.78 374.63 4.88 555.35 42.28 2,350.94 339.98 

2Q21 2,781.91 1,825.80 352.77 4.77 555.45 43.12 2,431.76 350.15

3Q21 2,858.59 1,886.78 353.12 4.24 565.51 48.95 2,487.32 371.27

4Q21 2,906.07 1,915.48 352.71 4.45 578.01 55.42 2,529.81 376.26

1Q22 $2,799.21 $1,817.72 $368.43 $4.04 $548.60 $60.43 $2,476.11 $323.10

Change:

4Q21-1Q22 -3.7% -5.1% 4.5% -9.3% -5.1% 9.0% -2.1% -14.1%

1Q21-1Q22 4.0% 6.1% -1.7% -17.3% -1.2% 42.9% 5.3% -5.0%

Source: Inside Mortgage Finance. Notes: Data as of Q1 2022.

Bank and Thrift Residential MBS Holdings
MBS Ownership

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page

38

Top Bank & 

Thrift 

Residential 

MBS Investors 

($ in millions)

Institution Total GSE PT GNMA PT Agency CMO Non‐Agency Share 

1 BANK OF AMERICA CORPORATION $562,474.0 $449,150.0 $101,103.0 $11,969.0 $252.0 20.9%

2 WELLS FARGO & COMPANY $259,187.0 $188,326.0 $64,441.0 $5,994.0 $426.0 9.6%

3 JPMORGAN CHASE & CO. $204,088.0 $118,246.0 $70,487.0 $154.0 $15,201.0 7.6%

4 Charles Schwab Bank $171,739.0 $84,782.0 $13,336.0 $73,621.0 $0.0 6.4%

5 Truist Bank $116,435.0 $46,913.0 $13,485.0 $56,037.0 $0.0 4.3%

6 U.S. BANCORP $116,049.7 $82,567.1 $17,779.4 $15,702.8 $0.5 4.3%

7 CITIGROUP INC. $98,691.0 $90,354.0 $2,390.0 $4,402.0 $1,545.0 3.7%

8 CAPITAL ONE FINANCIAL 

CORPORATION $75,021.9 $42,658.4 $9,173.5 $22,612.9 $577.1 2.8%

9 BANK OF NEW YORK MELLON 

CORP $61,338.0 $45,554.0 $2,891.0 $10,384.0 $2,509.0 2.3%

10 PNC Bank, National Association $52,989.3 $44,323.4 $5,950.7 $1,292.2 $1,423.1 2.0%

11 Silicon Valley Bank $44,909.4 $35,394.5 $534.7 $8,980.2 $0.0 1.7%

12 USAA Federal Savings Bank $44,529.1 $39,219.0 $2,064.3 $3,245.7 $0.0 1.7%

13 State Street Bank and Trust 

Company

$43,141.8 $17,869.0 $5,849.0 $16,928.8 $2,495.0 1.6%

14 E*TRADE Bank $38,091.1 $28,463.4 $6,156.7 $3,471.1 $0.0 1.4%

15 MORGAN STANLEY $33,957.0 $21,722.0 $3,981.0 $8,254.0 $0.0 1.3%

16 TD Bank USA/TD Bank NA $26,046.0 $1,526.5 $133.0 $24,290.0 $96.4 1.0%

17 Ally Bank $24,197.0 $18,367.0 $961.0 $2,594.0 $2,275.0 0.9%

18 BMO Harris Bank National 

Association $23,317.9 $4,777.3 $431.3 $18,107.5 $1.9 0.9%

19 HSBC Bank USA, National 

Association $23,285.8 $7,790.5 $7,487.0 $8,006.5 $1.8 0.9%

20 KeyBank National Association $22,140.1 $3,852.8 $419.3 $17,868.0 $0.0 0.8%

Total Top 20 2,198,059.6 $2,041,628.1 $1,371,855.9 $329,053.9 $313,914.7 $26,803.8

 

Source: Inside Mortgage Finance. Notes: Data as of Q1 2022.

Bank and Thrift Residential MBS Holdings
MBS Ownership

9.3 Foreign Ownership of MBS

For the month of April 2022, foreign ownership of MBS represents $1.12 trillion in Agency MBS, up

approximately $7 billion from March 2022. Total foreign ownership includes $502 billion held by foreign private

institutions and $618 billion held by foreign official institutions. The foreign share of the Agency MBS Market

continues to decline since the beginning of COVID. The pre-Covid peak of approximately 17.5% has fallen all the

way to 13.46% in April of 2022.

Foreign Share of Agency MBS Market

Sources: eMBS [Top Chart], Treasury International Capital (TIC) [Bottom Chart] Notes: In December 2017, there was a data correction that moved about

$120 billion from privately held U.S. Agency bonds to officially held U.S. Agency bonds; this resulted in a series break at December 2017 in the split between

the portion held by foreign private and the portion held by foreign official. Data as of April 2022.

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

Page

39

Percent of Agency MBS O

wned

by Foreigners

18.0%

17.0%

16.0%

15.0%

14.0%

13.0%

12.0%

11.0%

10.0%

13.46%

Apr-15

Jul-15

Oct-15

Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Foreign Share of MBS

618

502

1,400

1,200

1,000

$ Billions

800

600

400

200

0

Jan-15

Apr-15

Jul-15

Oct-15

Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22 1,120

Foreign Official MBS Foreign Private MBS Total Agency MBS Held by Foreigners

Monthly Foreign MBS Holdings
MBS Ownership

 

9.4 Foreign Ownership of Agency Debt and Agency MBS

The largest non-US holders of Agency MBS are in Japan, Taiwan, and China. As of December 2021, these three

own 60% of all US MBS held by investors outside of the United States. Between June 2020 and June 2021, these

top three have decreased their Agency MBS holdings by over $4.6 billion. Japan has decreased their holdings by

$1.4 billion, Taiwan has decreased their holdings by $208 million and China has decreased their holdings by $3.0

billion.

All Agency Debt

Global Markets Analysis Report

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Markets

Page

40

Country

Level of Holdings ($ Millions) Change in Holdings ($ Millions)

6/1/2021 9/1/2021 12/1/2021 3/1/2022 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Japan 311,375 311,892 301,979 259,844 -8,396 517 -9,913 -42,135

Taiwan 250,081 247,341 244,375 233,340 -2,955 -2,740 -2,966 -11,035

China 217,842 215,102 202,659 219,553 16,870 -2,740 -12,443 16,894

Luxembourg 35,497 33,339 34,277 33,130 1,126 -2,158 938 -1,147

Ireland 21,453 22,617 21,305 20,589 -5,512 1,164 -1,312 --716

South Korea 43,201 43,208 42,051 40,362 169 7 -1,157 -1,689

Cayman 

Islands

36,027 36,160 35,004 31,795 -1,084 133 -1,156 -3,209

Bermuda 23,806 24,411 23,209 21,159 -2,637 605 -1,202 -2,050

Netherlands 12,544 17,435 16,249 14,851 -505 4,891 -1,186 -1,398

Malaysia 19,089 19,445 18,830 18,305 42 356 -615 -525

Other 166,009 268,746 302,816 269,544 -7,896 102,737 34,070 -33,372

Total 1,136,924 1,239,696 1,242,754 1,162,472 ‐10,778 102,772 3,058 ‐80,282

Agency MBS

Country

Level of Holdings ($ Millions)

6/1/2020 6/1/2021 YoY Change in Holdings ($ Millions)

Japan 306,963 305,580 -1,383

Taiwan 267,700 267,492 -208

China 235,078 232,076 -3,002

Luxembourg 40,207 34,255 -5,952

Ireland 21,091 25,336 4,245

South Korea 28,743 34,313 5,570

Cayman Islands 28,431 29,682 1,251

Bermuda 25,111 24,245 -866

Netherlands 12,739 13,351 612

Malaysia 20,028 19,949 -79

Other 173,716 170,062 -3,654

Total 1,159,809 1,156,341 ‐3,468

 

Sources: Treasury International Capital (TIC). Notes: Level of Agency debt Holdings by month data as of Q1 2022. Agency MBS as of June 2021. Revised to

include top 10 holders of Agency debt listed as of June 2018.
Disclosure

Disclosure: 

“The data provided in the Global Markets Analysis Report (hereinafter, the “report”) should be considered as

general information only and is current only as of its specified date, unless otherwise noted. No information

contained herein is, and should not be construed to be, investment advice. Nor does any information contained

herein constitute an offer to sell, or is a solicitation of an offer to buy, securities.

The information contained herein is based upon information generally available to the public from sources

believed to be reliable as of the specified date. The accuracy of the information contained herein is based on the

corresponding accuracy of the issuer data as reported to the Government National Mortgage Association

(hereinafter, “Ginnie Mae”).

Therefore, if there is insufficient or inaccurate data to support calculations of any specific disclosure

information, Ginnie Mae disclaims any and all liability relating to that information, including, without limitation,

any express or implied representations or warranties for statements or errors contained in, or omissions from,

the report.

The forward-looking statements, and underlying assumptions, speak only as of the date of October 20, 2021.

Ginnie Mae expressly disclaims any obligation or undertaking to update or revise any forward-looking statement

or underlying assumption contained in the report to reflect any change in its expectations or any change in

circumstances upon which such statement is based.

Past performance is not a guarantee of future results. Accordingly, there are no assurances given, nor

representations or warranties made, that all estimated returns or projections will be realized, or that actual

returns or performance results will not materially differ from those estimated herein.”

Global Markets Analysis Report

A Monthly Publication of Ginnie Mae’s Office of Capital

Markets

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