May 2023
GLOBAL MARKETS ANALYSIS REPORT

MAY 2023

Table of Contents

Inside this Month’s Global Market Analysis Report... ............................................................1

Highlights ..................................................................................................................................2

1 US AGGREGATE AND GLOBAL INDICES....................................................................4

1.1 Bloomberg US Aggregate and Global Indices.........................................................4

2 Sovereign Debt Product Performance Comparisons..................................................5

2.1 Global 10-Year Treasury Yields (Unhedged) ..........................................................5

2.2 US Treasury Hedged Yields....................................................................................6

SECONDARY MORTGAGE MARKET .......................................................................................7

3 Fixed Income Product Performance Comparisons.....................................................7

3.1 Ginnie Mae Yields – USD .......................................................................................7

3.2 Ginnie Mae Hedged Yields .....................................................................................8

3.3 Ginnie Mae Yield Spreads – Intermediate Credit ....................................................9

3.4 Global Treasury Yield Per Duration.......................................................................10

4 Prepayments................................................................................................................11

4.1 Aggregate Prepayments (CPR) ............................................................................11

4.2 Involuntary Prepayments (CDR) ...........................................................................12

4.3 Voluntary Prepayment Rates (CRR) .....................................................................13

5 Single-Family MBS Pass-Through Issuance .............................................................14

5.1 Gross Issuance of Agency MBS ...........................................................................

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

Table of Contents

Inside this Month’s Global Market Analysis Report 1

Highlights 2

1 US AGGREGATE AND GLOBAL INDICES 4

1.1 Bloomberg US Aggregate and Global Indices 4

2 Sovereign Debt Product Performance Comparisons 5

2.1 Global 10-Year Treasury Yields (Unhedged) 5

2.2 US Treasury Hedged Yields 6

SECONDARY MORTGAGE MARKET 7

3 Fixed Income Product Performance Comparisons 7

3.1 Ginnie Mae Yields – USD 7

3.2 Ginnie Mae Hedged Yields 8

3.3 Ginnie Mae Yield Spreads – Intermediate Credit 9

3.4 Global Treasury Yield Per Duration 10

4 Prepayments 11

4.1 Aggregate Prepayments (CPR) 11

4.2 Involuntary Prepayments (CDR) 12

4.3 Voluntary Prepayment Rates (CRR) 13

5 Single-Family MBS Pass-Through Issuance 14

5.1 Gross Issuance of Agency MBS 14

5.2 Net Issuance of Agency MBS 16

5.3 Monthly Issuance Breakdown 18

5.4 Percent Refi at Issuance – Single-Family 19

6 Agency Single-Family MBS Outstanding 20

6.1 Outstanding Single-Family Agency MBS 20

6.2 Origination Volume and Share Over Time 21

6.3 Agency Issuance and Agency Outstanding by State 22

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 23

7 Agency REMIC Securities 24

7.1 Monthly REMIC Demand for Ginnie Mae MBS 24

7.2 REMIC Market Snapshot 25

8 MBS Ownership 26

8.1 Commercial Bank Holdings of Agency MBS 26

8.2 Bank and Thrift Residential MBS Holdings 27

8.3 Foreign Ownership of MBS 29
GLOBAL MARKETS ANALYSIS REPORT

MAY 2023

8.4 Foreign Ownership of Agency Debt and Agency MBS ..........................................30

9 Fixed Income Liquidity Indicators..............................................................................31

PRIMARY MORTGAGE MARKET ...........................................................................................32

10 Agency Credit Breakdown..........................................................................................32

10.1 Credit Scores........................................................................................................32

10.2 Loan-to-Value (LTV) .............................................................................................34

10.3 Debt-to-Income (DTI)............................................................................................36

10.4 High LTV Loans: Ginnie Mae vs. GSEs ................................................................38

10.5 Serious Delinquency Rates...................................................................................39

10.6 Credit Box.............................................................................................................40

10.7 Credit Box: Historical ............................................................................................42

11 Forbearance Trends....................................................................................................

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

8.4 Foreign Ownership of Agency Debt and Agency MBS 30

9 Fixed Income Liquidity Indicators 31

PRIMARY MORTGAGE MARKET 32

10 Agency Credit Breakdown 32

10.1 Credit Scores 32

10.2 Loan-to-Value (LTV) 34

10.3 Debt-to-Income (DTI) 36

10.4 High LTV Loans: Ginnie Mae vs. GSEs 38

10.5 Serious Delinquency Rates 39

10.6 Credit Box 40

10.7 Credit Box: Historical 42

11 Forbearance Trends 44

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS 45

13 aGENCY NONBANK ORIGINATORS 46

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE 48

13.1.1 (FICO, LTV, DTI) 48

U.S. HOUSING MARKET 52

14 Housing Affordability 52

14.1 Housing Affordability – Home Price Appreciation 52

14.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate and

Rent 53

14.2.1 Housing Affordability – Mortgage Rate Trends 55

14.3 Housing Inventory 56

14.4 Size and Value of the US Housing Market 57

15 Disclosure 58
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 1

Inside this Month’s Global Market Analysis Report...

This month’s Highlights section takes a deeper dive into Ginnie Mae’s Real Estate Mortgage

Investment Conduit (REMIC) program. The section provides a detailed introduction into REMICs as

well as discusses the persistent demand from issuers and investors in the current market

environment.

Notable insights in this month’s Global Market Analysis Report include the following:

• The Agency REMIC Issuance section captures the continued upward trend in coupon rates

for REMIC deals.

• The Agency Credit Breakdown section illustrates the leading role that Ginnie Mae continues

to play in high-LTV lending and in providing homeownership opportunities to first-time

homebuyers.

• The U.S. Housing Market section includes home price indices for each of the U.S. census

regions by quarter. The market shows signs of sticky inflation and increasing mortgage

rates. Home prices are increasing at a much slower pace than seen in 2021 and the first half

of 2022 but remain high. This section also includes an analysis of the average price of homes

sold to median income, which shows housing affordability remains historically low.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 2

Highlights

Real Estate Mortgage Investment Conduits (REMICs) are structured fixed income products offered

under the Ginnie Mae Multiclass umbrella. REMICs direct principal and interest payments from

underlying mortgage-backed securities to classes with different principal balances, interest rates,

average lives, prepayment characteristics and final maturities. Similar to Ginnie Mae mortgagebacked securities (MBS), Ginnie Mae REMICs has an explicit full faith and credit guarantee by the

U.S. Government of timely payment of principal and interest.

REMICs allow investors with different investment horizons, risk-reward preferences, and assetliability management requirements to purchase MBS tailored to their needs. Unlike traditional passthroughs, the principal and interest payments in REMICs are not passed through to investors pro

rata; instead, they are divided into varying payment streams to create classes with different

expected maturities, differing levels of seniority or subordination or other characteristics1

.

In April 2023, 82% of total collateralized mortgage obligation (CMO) new issuance was generic

collateral versus 12% of loan-balance pooled collateral2

. Section 7 of this month’s Global Market

Analysis Report, “Agency REMIC Securities”, shows Ginnie Mae’s Single-Family and Multi-Family

MBS REMIC monthly issuance. As overall MBS issuance has fallen from cycle highs, Ginnie Mae

1 https://www.ginniemae.gov/about_us/what_we_do/pages/programs_products.aspx

2 “Wells Fargo, Agency CMO Issuance Trends / April 2023”
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 3

REMIC issuance has stayed persistently high, totaling $5.6 billion in April 2023. In comparison,

Fannie Mae and Freddie Mac had a combined $3.5 billion of Single-Family and Multi-Family MBS

REMIC issuance in April 2023. The customizability of REMICs has allowed investors to structure their 

MBS holdings in a way to address the higher rate environment and interest rate volatility by

targeting a specific risk profile for their investment thesis. This flexibility in structure increases

demand and liquidity to the broader primary and secondary mortgage markets.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 4

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

At month-end April, US Treasuries contributed approximately 41% to the Bloomberg US Aggregate

Index, stable from the prior month. US MBS (Ginnie Mae, Fannie Mae, and Freddie Mac)

contributes approximately 27%. For the US Aggregate Index, all other changes to the index

components were no larger than 1%.

Figure 1. Bloomberg US Aggregate Index

Figure 2. Bloomberg Global Aggregate Index by Country

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

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

Global Aggregate Index up slightly from the prior month. Japan’s share of fixed income is the

second highest at 12%, down slightly from the prior month. For the Global Aggregate Index, all

countries remained stable when compared to the prior month with no changes larger than 1%.

Source: Bloomberg [both charts]. Note: Data as of April 2023. Figures in charts may not add to 100% due to rounding.

41%

27%

14%

8%

2%

2% 2%1% 1% 1% 0% Treasury - 41%

MBS Passthrough - 27%

Industrial - 14%

Financial Institutions - 8%

Utility - 2%

Agency - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

40.3%

12.0% 5.1% 9.1%

4.3%

4.3%

3.5%

3.0%

2.2%

1.9% 14.2%

United States - 40.3%

Japan - 12%

China - 9.1%

France - 5.1%

Germany - 4.3%

United Kingdom - 4.3%

Canada - 3.5%

Italy - 3%

Spain - 2.2%

Netherlands - 1.9%

Other - 14.2%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 5

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The US 10-year Treasury yield moved to 3.45% at month-end April 2023, a MoM decrease of 8 bps.

US Treasury yields are now the third highest of all the government treasury yields depicted in the

figure below behind Italian and UK government bond yields.

The yield on the UK 10-year notes increased to 3.73% at month-end April, a MoM increase of 36

bps. 

The yield on the German 10-year increased to 2.39% at month-end April, a MoM increase of 17

bps.

The yield on the Italian 10-year increased to 4.27% at month-end April, a MoM increase of 21 bps.

The yield on the Japanese 10-year notes increased to 0.46% at month-end April, a MoM increase

of 17 bps.

Figure 3. Global 10-Year Treasury Yields

Source: Bloomberg. Note: Data as of April 2023.

3.45%

3.73%

2.39%

4.27%

0.46%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0% % Yield

USA 10-Year UK 10-Year Germany 10-Year Italy 10-Year Japan 10-Year
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 6

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY increased MoM 1 bps to 2.21% at month-end

April.

The hedged yield for the 10-year Treasury EUR increased MoM 1 bps to 1.28% at month-end 

April.

Figure 4. 7–10yr Total Return Hedged Index, JPY

Figure 5. 7–10yr Total Return Hedged, EUR

Source: Bloomberg. Note: Data as of April 2023.

2.21

2.00

2.10

2.20

2.30

2.40

2.50

2.60

2.70

2.80

1.28

1.10

1.20

1.30

1.40

1.50

1.60

1.70
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 7

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae II yields were 5.37% in February, decreased 43 bps to 4.94% by month-end March, then 

increased 20 bps to 5.14% by month-end April. Ginnie Mae I yields were 5.27% in February,

decreased 32 bps to 4.95% by month-end March, then increased 12 bps to 5.07% by month-end

April. The yields on the Ginnie Mae I were 162 bps higher than the US 10-year Treasury yield at

month-end April 2023, an increase of 21 bps MoM. Ginnie Mae II spreads over the US 10-year 

Treasury yield increased 63 bps YoY to 169 bps over the US 10-year Treasury yield by month-end

April 2023.

Figure 7. Ginnie Mae I SF Yield, USD

Figure 6. Ginnie Mae II SF Yield, USD

Sources Bloomberg. Note: Data as of April 2023.

5.14%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield

5.07%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 8

3.2 Ginnie Mae Hedged Yields

The yield for the Ginnie Mae II, hedged in the Japanese Yen stood at 3.90% at month-end 

April, a 29 bps increase MoM. The yield for the Ginnie Mae II, hedged in the Euro, stood at 

2.97% at month-end April, a 29 bps increase MoM.

The yield for the Ginnie Mae I, hedged in the Japanese Yen, stood at 3.83% at month-end 

April, a 22 bps increase MoM. The yield for the Ginnie Mae I, hedged in the Euro, stood at 

2.90% at month-end April, a 22 bps increase MoM.

Figure 8. Ginnie Mae I and II Hedged, JPY

Figure 9. Ginnie Mae I and II Hedged, EUR

Source: Bloomberg. Note: Data as of April 2023.

Note: Hedged yield calculations assume hedge costs for Ginnie Mae securities are equivalent to those for U.S. Treasuries.

3.90%

3.83%

2.50%

2.75%

3.00%

3.25%

3.50%

3.75%

4.00%

4.25%

4.50%

Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23

GN II Hedged JPY GN I Hedged JPY

2.97%

2.95%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

3.25%

Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23

GN II Hedged EUR GN I Hedged EUR
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 9

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS remained relatively

stable at 0.60% at month-end April. The GNMA II 30-year OAS increased 2 bps MoM as of monthend April. The US Intermediate credit OAS decreased 2 bps MoM as of month-end April.

Figure 10. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS

Figure 11. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS

Source: Bloomberg. Note: Data as of April 2023.

0.60%

1.10%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

% Yield

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

0.50%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 10

3.4 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.

Figure 12. Yield vs. Duration

Security Duration Yield

US 5y 4.55 3.46

US 10y 8.18 3.42

JPY 5y 4.86 0.15

JPY 10y 9.49 0.46

GER 5y 4.62 2.39

GER 10y 8.64 2.39

ITA 5y 4.40 3.73

ITA 10y 7.73 4.27

UK 5y 5.16 3.66

UK 10y 8.18 3.79

GNMA II 2% 6.80 4.29

GNMA II 2.5% 6.75 4.35

GNMA II 3% 6.55 4.49

GNMA II 3.5% 6.32 4.60

GNMA II 4% 6.06 4.75

GNMA II 4.5% 5.48 4.92

GNMA II 5% 4.77 5.13

GNMA II 5.5% 4.30 5.37

GNMA II 6% 3.63 5.60

Source: Bloomberg. Note: Yield and modified duration for GNMA II securities is based on median prepayment assumptions from 

surveyed Bloomberg participants. All data is as of April 2023. Yields are in base currency of security and unhedged.

6.00

GNMA II 6%

GNMA II 5.5%

GNMA II 5%

5.00

GNMA II 4%

GNMA II 4.5%

GNMA II 3%

GNMA II 2.5%

GNMA II 3.5%

GNMA II 2%

4.00

3.00

ITA 10y

ITA 5y UK 10y

UK 5y

US 5y US 10y

GER 5y GER 10y

2.00

1.00

0

JPY 10y

JPY 5y

0.00

-3.00 2.00 7.00 1 Yield

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 11

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds decreased in April by 7.5% MoM, while Fannie

Mae and Freddie Mac CPRs decreased 8.8% and 9.9%, respectively. ARM prepayments decreased

for GSEs and increased for Ginnie Mae MoM.

Figure 13. Fixed Rate Aggregate 1-Month CPR

Figure 14. ARM Aggregate 1-Month CPR

Source: Recursion. Note: Data as of April 2023.

5.2

4.9

6.4

0

10

20

30

40

50

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

Apr-23

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

8.6

10.1 13.6

0

10

20

30

40

50

60

70

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

Apr-23

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 12

4.2 Involuntary Prepayments (CDR)

Fixed rate involuntary prepayments (CDR) remain higher for Ginnie Mae than for the GSEs. The

spread in prepayment speeds between Ginnie Mae and GSE prepayments has converged

significantly since Ginnie Mae’s CDR peak of 12.4 CDR in June 2020. ARM CDRs for Freddie Mac

continued to remain below Ginnie Mae in April 2023 after slightly overtaking Ginnie Mae in

September 2022.

Figure 15. Fixed Rate Aggregate CDR

Figure 16. ARM Aggregate CDR

Source: Recursion. Note: Data as of April 2023.

0.2

0.4

0.7

0

10

20

30

40

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

Apr-23

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.3

0.2

0.7

0

5

10

15

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

Apr-23

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 13

4.3 Voluntary Prepayment Rates (CRR)

Fixed rate voluntary prepayments (CRR) continue to remain higher for Ginnie Mae relative to the 

GSEs. Fannie Mae and Freddie Mac saw decreases of 9.6% MoM and 10.1% MoM in fixed rate 

aggregate CRR, respectively. Freddie Mac saw a 2.7% MoM decrease and Fannie Mae saw a 16.4% 

MoM decrease in ARM aggregate CRR. Ginnie Mae decreased 7.2% MoM in fixed rate aggregate 

CRR and saw a 33.3% MoM increase in ARM aggregate CRR.

Figure 17. Fixed Rate Aggregate CRR

Figure 18. ARM Aggregate CRR

Source: Recursion. Note: Data as of April 2023.

4.9

4.7

5.7

0

10

20

30

40

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

Apr-23

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

8.0

13.3

9.9

0

10

20

30

40

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

Apr-23

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 14

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance increased by 16% MoM. Freddie Mac, Ginnie Mae and Fannie Mae all

saw increases in gross issuance as compared to March as seen in Section 5.3.

Table 1. 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 $1,388.0 $1,245.1 $2,633.1 $840.9 $3,474.0

2022 $628.3 $551.6 $1,179.9 $512.3 $1,692.2

2023 YTD $96.0 $79.1 $175.1 $107.6 $282.7

Figure 19. Agency Gross Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$108

$96

$79 $0.0

$500.0

$1,000.0

$1,500.0

$ in

Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 15

Ginnie Mae’s $31.6 billion in gross issuance in April was approximately 26% below the average

monthly issuance for 2022. 

Table 2. 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 $392.2 $422.1 $26.7 $840.9

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $62.5 $42.6 $2.6 $107.7

Figure 20. Ginnie Mae Gross Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$63

$43

$0.0 $3

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 16

5.2 Net Issuance of Agency MBS

Agency net issuance in April was approximately $17.0 billion, which represents a 794.7% MoM 

increase in net issuance. Ginnie Mae net issuance was $15.0 billion in April, a 72.4% increase from

March 2023. Since May 2022, FHA net issuance continues to outpace VA net issuance MoM, as

shown in Table 4 and Figure 22.

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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 $200.4 $161.5 $361.9 $177.4 $539.4

2023 YTD $2.2 -$4.0 -$1.8 $46.5 $44.7

Figure 21. Agency Net Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$47

$2

-$4

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 17

Table 4. 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 $98.5 $80.7 -$1.7 $177.4

2023 YTD $32.1 $14.9 -$0.5 $46.5

Figure 22. Ginnie Mae Net Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$15

$32

$0

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 18

5.3 Monthly Issuance Breakdown

Table 5. Ginnie Mae Net Issuance Collateral Composition ($ in billions)

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

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 $85.9 $59.0 $179.0 $238.0 $45.6 $37.6 $14.0 $83.2 $97.3

Feb-22 $73.3 $64.6 $49.0 $137.9 $186.9 $27.8 $22.7 $9.7 $50.5 $60.2

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

Apr-22 $65.3 $53.5 $47.8 $118.8 $166.6 $19.5 $17.7 $13.2 $37.2 $50.4

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

Jun-22 $54.5 $42.0 $43.6 $96.5 $140.1 $14.8 $10.7 $16.0 $25.5 $41.5

Jul-22 $46.8 $40.3 $42.4 $87.1 $129.5 $12.1 $14.4 $18.0 $26.5 $44.5

Aug-22 $39.8 $46.3 $40.3 $86.1 $126.4 $4.8 $19.8 $16.2 $24.6 $40.8

Sep-22 $39.3 $38.2 $39.9 $77.5 $117.4 $7.6 $13.9 $18.3 $21.5 $39.8

Oct-22 $34.1 $26.1 $35.5 $60.2 $95.7 $5.8 $4.7 $17.3 $10.5 $27.8

Nov-22 $25.7 $22.7 $33.6 $48.4 $82.0 $0.3 $3.5 $18.3 $3.8 $22.1

Dec-22 $24.9 $25.5 $28.8 $50.4 $79.2 $0.2 $6.6 $14.0 $6.8 $20.8

Jan-23 $25.7 $22.4 $27.1 $48.1 $75.2 $5.3 $3.4 $14.1 $8.7 $22.8

Feb-23 $18.9 $16.5 $22.7 $35.4 $58.1 -$4.4 -$1.4 $8.6 -$5.8 $2.8

Mar-23 $23.6 $19.2 $26.2 $42.8 $69.0 -$4.4 -$2.4 $8.7 -$6.8 $1.9

Apr-23 $27.7 $21.0 $31.6 $48.7 $80.3 $1.4 $0.6 $15.0 $2.0 $17.0

Source: Beginning May 2021, data for Gross and Net Issuance was sourced from Fannie Mae, Freddie Mac, and Ginnie Mae loan

level disclosure files. Net issuance is defined here as the difference between prior period UPB and current period UPB. Data as of

April 2023. 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 April 2023 GMAR net issuance data reflect the UPB at security issuance

for Fannie Mae and Freddie Mac. Note: Numbers are rounded to the nearest hundred million.
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 19

5.4 Percent Refi at Issuance – Single-Family

Refinance activity increased for Ginnie Mae in April 2023. Ginnie Mae’s MoM increase was

approximately 7.7%, with the greater increase taking place with FHA lending which was up

approximately 9.2% in April MoM. VA’s refinance share increased by approximately 4.1%. In the

conventional conforming mortgage market space, Fannie Mae saw a decrease of 18.0% MoM and

Freddie Mac saw a decrease of 7.4% MoM.

Freddie Mac’s refinance percentage dropped to 12.8% in April, down from 13.8% in March.

Fannie Mae’s refinance percentage dropped to 14.0% in April, down from 17.0% in March.

Ginnie Mae’s refinance percentage rose to 16.1% in April, up from 15.0% in March.

FHA’s refinance percentage rose to 15.6% in April, up from 14.3% in March.

VA’s refinance percentage rose to 17.6% in April, up from 16.9% in March.

Figure 23. Percent Refinance at Issuance – Single-Family

Sources: Recursion. Note: Data as of April 2023.

14.0%

17.6%

15.6%

12.8%

16.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Oct/14

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

Jul/22

Oct/22

Jan/23

Apr/23

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 20

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

As of April 2023, outstanding single-family MBS in the agency market totaled $8.647 trillion: 41.3%

Fannie Mae, 33.5% Freddie Mac, and 25.2% Ginnie Mae MBS. Over the past twelve months, Fannie

Mae’s, Freddie Mac’s, and Ginnie Mae’s total outstanding MBS increased by approximately 1.6%,

3.1%, and 9.0%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s and

Ginnie Mae’s by approximately $673 billion and $1.4 trillion, respectively.

Ginnie Mae MBS collateral composition has changed dramatically over the past five years. In April

2018, 60.4% of Ginnie Mae outstanding collateral was FHA and 33.4% was VA. In April 2023, FHA 

collateral comprised 53.2% of Ginnie Mae MBS outstanding and VA collateral comprised 42.0% of 

Ginnie Mae MBS outstanding.

Figure 24. Outstanding Agency Mortgage-Backed Securities

Figure 25. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities

Sources: Recursion. Note: Data as of April 2023.

$3,570

$2,898

$2,180

$8,647

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,161

$917

$106

0

200

400

600

800

1000

1200

1400

Apr/15 Apr/16 Apr/17 Apr/18 Apr/19 Apr/20 Apr/21 Apr/22 Apr/23

$ in Billions

 FHA VA OTHER
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 21

6.2 Origination Volume and Share Over Time

First lien origination volume continued to decline in Q1 2023, with $290 billion in originations in Q1,

which represents a decline in issuance from Q4 2022 of approximately 13%. Ginnie Mae’s share of

total origination decreased from 25.6% to 22.3% in Q1 2023, while Portfolio origination increased

from 25.3% to 31.1% in Q1 2023.

Figure 26. First Lien Origination Volume

Figure 27. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q1 2023.

$0.12

$0.06

$0.01 $0.09

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

43.0%

22.3%

3.6%

31.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 22

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 33% 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

being in Alaska (55%) and the lowest in the District of Columbia (21%). The highest Ginnie Mae

outstanding share is also in Alaska (48%) and the lowest also in the District of Columbia (13%).

There is currently a 7% difference between Ginnie Mae’s share of new agency issuance (33%) and

Ginnie Mae’s share of agency outstanding (26%).

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding

National GNMA 

Share

GNMA 

Loan 

GNMA Avg. 

Loan Size 

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

33% 1,834,246 282.91 292.25 26% 10,809,279 204.94 210.84

AK 55% 5781 336.78 302.06 48% 37542 261.72 221.01

AL 47% 42551 225.60 239.89 41% 238408 157.34 177.68

AR 43% 22096 193.41 223.37 39% 137417 132.63 160.89

AZ 31% 54309 321.22 328.79 25% 276453 219.86 226.17

CA 28% 117129 447.31 443.55 17% 690059 328.03 320.55

CO 31% 39725 404.04 394.53 23% 214881 292.45 277.73

CT 32% 16831 265.06 277.69 26% 106933 202.67 209.42

DC 21% 1465 483.86 424.16 13% 9003 382.25 349.93

DE 35% 8555 272.25 299.34 31% 52294 204.37 211.58

FL 36% 167261 301.67 301.68 32% 858983 212.68 211.79

GA 40% 98172 260.17 293.45 34% 502283 180.63 207.00

HI 42% 5081 614.46 503.34 32% 33679 469.18 358.10

IA 31% 12945 182.41 196.44 22% 82950 134.12 148.36

ID 30% 10686 335.94 326.58 23% 63944 218.63 223.07

IL 29% 60639 210.07 244.14 22% 369744 160.21 179.28

IN 35% 48067 193.21 213.98 30% 280967 134.54 151.09

KS 34% 15081 194.31 225.19 29% 96589 140.27 163.91

KY 41% 28772 199.58 216.51 35% 165953 143.92 155.99

LA 48% 35045 206.25 237.91 40% 202437 157.97 177.56

MA 27% 18434 376.00 369.44 16% 114519 285.22 268.73

MD 42% 47556 338.92 329.07 34% 294133 265.59 249.69

ME 33% 6140 247.42 271.69 26% 38148 178.19 191.84

MI 26% 45138 187.09 215.28 20% 277354 134.14 156.92

MN 22% 22238 248.87 278.62 18% 160159 182.50 198.58

MO 35% 40054 199.81 221.76 29% 245655 142.43 162.15

MS 54% 21110 203.36 219.49 48% 123173 143.87 161.30

MT 28% 4726 311.64 316.63 24% 32370 209.43 216.46

NC 34% 75988 256.25 289.82 29% 416731 176.39 202.36

ND 34% 2718 244.99 240.58 24% 17091 193.27 184.33

NE 32% 9469 220.93 225.14 26% 65106 149.60 161.11

NH 28% 5728 314.93 308.45 22% 38435 226.91 215.18

NJ 30% 39664 319.97 335.47 22% 233646 241.04 254.60

NM 42% 15101 245.12 255.00 38% 95620 167.26 178.51

NV 36% 24897 347.71 336.90 30% 134113 248.54 235.74

NY 25% 42571 298.79 340.11 20% 308921 209.73 248.57

OH 34% 67122 185.69 202.94 29% 425871 130.68 149.29

OK 43% 29423 204.34 225.81 42% 189642 141.49 162.63

OR 25% 17926 353.72 364.33 19% 111018 254.43 253.63

PA 29% 55336 202.64 247.43 26% 390580 149.21 182.14

RI 41% 5971 328.80 300.67 30% 35911 235.11 213.23

SC 40% 47123 255.76 264.64 34% 237310 183.91 192.33

SD 35% 4562 245.61 247.48 29% 29405 173.55 177.79

TN 35% 49532 260.73 284.48 31% 271109 176.19 204.65

TX 32% 183022 270.63 306.19 32% 1102469 183.11 212.92

UT 24% 17072 380.17 389.26 19% 96025 260.87 264.20

VA 45% 72892 332.52 322.83 36% 448647 257.25 250.28

VI 24% 125 363.88 429.04 24% 802 248.46 302.04

VT 24% 1772 241.03 263.26 19% 12211 181.51 180.92

WA 28% 37175 400.99 407.55 21% 233031 285.33 289.58

WI 25% 19243 211.81 229.07 17% 124376 157.01 163.39

WV 50% 10100 195.23 197.30 44% 60127 144.51 145.55

WY 40% 4127 268.39 268.74 35% 25052 206.46 201.84

Source: Recursion. Note: Outstanding balance is based on loan balance as of April 2023. Ginnie Mae issuance is based on the last 12 months, from

March 2022 to April 2023. Values above are based on loan level disclosure data, thus excluding loan balances for the first 6 months that loans are in a

pool. This accounts for the difference in share of outstanding MBS represented above & in Outstanding Single-Family Agency MBS.
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 23

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

As of April 2023, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS increased

slightly from 3.18% in March 2023 to 3.21% as seen in Figure 28. Figure 29 illustrates that loans

originated since 2019 account for 74% of Ginnie Mae MBS collateral outstanding.

Figure 28. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 29. Outstanding Ginnie Mae MBS Balance, by Vintage

Sources: Recursion. Note: April 2023 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.

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr/17

Jun/17

Aug/17

Oct/17

Dec/17

Feb/18

Apr/18

Jun/18

Aug/18

Oct/18

Dec/18

Feb/19

Apr/19

Jun/19

Aug/19

Oct/19

Dec/19

Feb/20

Apr/20

Jun/20

Aug/20

Oct/20

Dec/20

Feb/21

Apr/21

Jun/21

Aug/21

Oct/21

Dec/21

Feb/22

Apr/22

Jun/22

Aug/22

Oct/22

Dec/22

Feb/23

Apr/23

Avg Coupon %

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Jul/22

Oct/22

Jan/23

Apr/23

Pre 2008 2008-2013 2014-2018 2019-2022
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 24

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

In April 2023, $5.6 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage

Investment Conduits (REMICs) as underlying collateral. This represents a roughly 50.5% decrease

YoY from $11.2 billion in April 2022, and a 25.6% MoM decrease from $7.5 billion in March 2023. Of

that, approximately $166.9 million were multifamily MBS having coupons over 4.01%. $5.1 billion

were single-family MBS having coupons over 5.01%.

Figure 30. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs

Table 7. February 2023 REMIC Collateral Coupon Distribution

Net Coupon (%) Approx. Ginnie Mae MBS amount securitized into 

REMIC Deals ($MM)3

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

2.51-3.00 134.5 44.6%

4.01-4.50 166.9 55.4%

Subtotal 301.4 100.0%

Single-Family

4.01-4.50 51.5 1.0%

4.51-5.00 89.2 1.7%

5.01-5.50 987.0 18.8%

5.51-6.00 2,186.8 41.6%

6.01-6.50 1,508.3 28.7%

6.51-7.00 379.8 7.2%

>7.01 50.0 1.0%

Subtotal 5,252.6 100.0%

Grand Total 5,554.0 100.0%

Source: Ginnie Mae Disclosure Files

3

Totals may not sum due to rounding.

$11.2

$5.9 $7.4 $8.8 $6.0 $8.0 $5.9 $3.4

$7.5 $6.4

$11.7

$7.5 $5.6

$0

$5

$10

$15

$20

$25

Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 25

0.3

2.0

0.2

5.8

0.8

April 0.5

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily

7.2 REMIC Market Snapshot

In April 2023, total REMIC issuance amongst Ginnie Mae, Freddie Mac, and Fannie Mae fell

28.4% MoM to its lowest level since November 2022.

 In April 2023, Fannie Mae’s total issuance was under $1 billion for the third time in five

months.

 In April 2023, Ginnie Mae and Freddie Mac’s Multifamily REMIC collateral WAC decreased

by 64bps and 31bps, respectively as collateral WAC fell below 4% for the first time since

January 2023. Fannie Mae’s Multifamily REMIC collateral WAC increased 33bps from 

February 2023 to 5.39% as Fannie did not issue a Multifamily deal in March 2023.

 In April 2023, Ginnie Mae, Freddie Mac, and Fannie Mae’s Single Family REMIC collateral

WAC increased by 11bps, 59bps, and 75bps, respectively as Ginnie Mae and Fannie Mae’s 

collateral WAC surpassed 6%. Freddie Mac’s collateral WAC was 5.87% for the month.

Figure 31. REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF

REMIC

Issuance

Volume

($B)

% of SF

REMIC

Issuance

Volume

Number of

SF REMIC

Transactions

MF REMIC

Issuance

Volume

($B)

% of MF

REMIC

Issuance

Volume

Number of

MF REMIC

Transactions

Ginnie Mae 5.8 81.6 8 0.3 12.4 2

Freddie Mac 0.8 11.9 6 2.0 81.2 2

Fannie Mae 0.5 6.5 4 0.2 6.4 1

Total4 7.1 100.0 18 2.4 100.0 5

Source: Ginnie Mae Disclosure Files

4 Totals may not sum due to rounding.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 26

8 MBS OWNERSHIP

As of Q4 2022, the largest holders of agency debt (agency MBS + agency notes and bonds) included

commercial banks (22%), the Federal Reserve (21%), and foreign investors (12%). The Federal

Reserve’s share decreased slightly to 21% in the fourth quarter of 2022 from 23% in the third

quarter. Along with the Federal Reserve, commercial banks are also the largest holders of agency

MBS. Out of their approximately $2.8 trillion in holdings as of the end of December 2022, $2.1

trillion was held by the top 25 domestic banks.

Figure 32. Who Owns Total Agency Debt?

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 Q4 2022.

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 12-Apr 19-Apr 26-Apr 3-May

Largest 

25 

Domestic 

Banks

2,115.5 2,096.8 2,067.6 2,052.0 2,056.5 2,054.5 1,961.4 1,952.3 1,948.2 1,954.1 1,957.6 1,946.7

Small 

Domestic 

Banks

738.3 712.4 692.2 690.9 677.3 663.5 764.0 700.9 627.3 625.4 630.8 629.5

Foreign 

Related 

Banks

35.1 37.4 35.9 39.3 36.6 30.0 27.0 28.4 27.5 27.6 26.5 24.5

Total, 

Seasona

lly 

Adjusted

2,888.9 2,846.6 2,795.7 2,782.2 2,770.4 2,748.0 2,752.4 2,681.6 2,603.0 2,607.1 2,614.9 2,600.7

Source: Federal Reserve Bank. Note: Small domestic banks include all domestically chartered commercial banks not included in the 

top 25. Data as of April 2023.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Other

Foreign Investment

Credit Unions

Money Market Funds &

Pension Funds

Mutual Funds

REITs

GSEs

Dealers

Commercial Banks
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 27

8.2 Bank and Thrift Residential MBS Holdings

In Q3 2022, MBS holdings at banks and thrifts continued to decrease. Like Q2 2022, the decrease 

was driven by GSE pass-throughs, Private MBS, and agency CMO holdings, with GSE pass-throughs

seeing the largest decrease. In contrast, Ginnie Mae pass-throughs saw an increase of 0.2%. Total

bank and thrift MBS holdings decreased by approximately 14.9% from Q3 2021 and 7.3% from Q2 

2022. Out of the $2.4 trillion in MBS holdings at banks and thrifts as of Q3 2022, $1.5 trillion were

GSE pass-throughs and $352 billion were Ginnie Mae pass-throughs.

Table 10. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

2001 $730.84 $270.59 $109.53 $37.62 $236.91 $76.18 $606.91 $203.37

2002 $832.50 $376.11 $101.46 $20.08 $244.98 $89.88 $702.44 $209.66

2003 $899.89 $461.72 $75.11 $19.40 $236.81 $106.86 $775.66 $206.45

2004 $1,011.01 $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

1Q17 $1,762.38 $950.72 $329.91 $7.03 $419.34 $55.39 $1,589.93 $172.45

2Q17 $1,798.66 $985.12 $335.47 $6.38 $417.89 $53.79 $1,635.11 $163.55

3Q17 $1,838.93 $1,012.89 $351.86 $5.65 $418.08 $50.45 $1,661.84 $177.09

4Q17 $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

2018 $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

2019 $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 $2,906.04 $1,915.48 $352.71 $4.45 $577.98 $55.42 $2,529.78 $376.26

1Q22 $2,799.22 $1,817.72 $368.43 $4.04 $548.60 $60.43 $2,476.12 $323.10

2Q22 $2,623.79 $1,665.94 $369.20 $3.81 $523.01 $61.83 $2,321.17 $302.62

3Q22 $2,431.57 $1,520.24 $352.02 $3.29 $496.72 $59.30 $2,156.16 $275.41

Change:

2Q22-3Q22 -7.3% -8.7% -4.7% -13.6% -5.0% -4.1% -7.1% -9.0%

3Q21-3Q22 -14.9% -19.4% -0.3% -22.3% -12.2% 21.1% -13.3% -25.8%

Source: Inside Mortgage Finance. Notes: Data as of Q3 2022
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 28

Table 11. Top 20 Bank and Thrift Residential MBS Investors ($ in millions)

Institution Total GSE PT GNMA PT Agency 

CMO

NonAgency Share

1 BANK OF AMERICA 

CORPORATION

$448,327.00 $376,124.00 $65,016.00 $7,038.00 $149.00 18.4%

2 WELLS FARGO & COMPANY $230,903.00 $161,579.00 $66,412.00 $2,847.00 $65.00 9.5%

3 CHARLES SCHWAB $173,008.00 $97,210.00 $6,137.00 $69,661.00 $0.00 7.1%

4 JPMORGAN CHASE & CO. $146,574.00 $70,263.00 $61,958.00 $91.00 $14,262.00 6.0%

5 Truist Bank $108,697.00 $53,669.00 $12,382.00 $39,508.00 $3,138.00 4.5%

6 U.S. BANCORP $103,431.40 $67,470.00 $22,443.20 $13,518.10 $0.10 4.3%

7 CITIGROUP INC. $83,110.00 $73,174.00 $6,488.00 $2,530.00 $918.00 3.4%

8 PNC Bank, National

Association

$68,253.30 $56,515.30 $4,389.40 $6,219.70 $1,129.00 2.8%

9 Silicon Valley Bank $65,587.00 $48,005.00 $7,860.00 $9,722.00 $0.00 2.7%

10 CAPITAL ONE FINANCIAL

CORPORATION

$61,577.50 $29,729.40 $14,004.70 $17,478.10 $365.40 2.5%

11 MORGAN STANLEY $49,019.00 $34,203.00 $7,652.00 $7,164.00 $0.00 2.0%

12 BANK OF NEW YORK 

MELLON CORP

$41,178.00 $30,530.00 $1,302.00 $7,203.00 $2,143.00 1.7%

13 USAA Federal Savings Bank $40,447.00 $34,160.00 $2,027.00 $4,260.00 $0.00 1.7%

14 State Street Bank and Trust

Company

$36,143.50 $14,552.00 $5,553.00 $14,349.50 $1,689.00 1.5%

15 TD Bank USA/TD Bank NA $29,579.30 $947.80 $81.70 $28,508.70 $41.00 1.2%

16 The Huntington National Bank $28,292.80 $11,753.20 $9,272.30 $7,125.50 $141.80 1.2%

17 KeyBank National Association $24,956.00 $3,940.80 $211.20 $20,804.00 $0.00 1.0%

18 Citizens Bank, National

Association

$22,339.10 $12,379.30 $4,908.60 $5,051.20 $0.00 0.9%

19 HSBC Bank USA, National 

Association

$22,123.40 $6,672.60 $9,532.50 $5,917.30 $1.00 0.9%

20 Ally Bank $20,683.00 $12,868.00 $1,967.00 $1,707.00 $4,141.00 0.9%

Total Top 20 $1,804,229.3 $1,195,745.4 $309,597.6 $270,702.1 $28,183.3 74.2%

Source: Inside Mortgage Finance. Notes: Data as of Q3 2022.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 29

8.3 Foreign Ownership of MBS

For the month of January 2023, foreign ownership of MBS represents $1.202 trillion in agency MBS,

up approximately $36 billion from December 2022. Total foreign ownership includes $567 billion

held by foreign private institutions and $635 billion held by foreign official institutions. The preCovid foreign ownership peak of approximately 17.5% has fallen to 13.97% as of January 2023.

Figure 33. Foreign Share of Agency MBS Market

Figure 34. Monthly Foreign MBS Holdings

Sources: Recursion and Treasury International Capital (TIC) [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 January 2023.

635

567

1,202

0

200

400

600

800

1,000

1,200

1,400

$ Billions

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

13.97%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

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

Jul-22

Oct-22

Jan-23

Percent of Agency

M

B

S

O

wned

by Foreigners

Foreign Share of MBS
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 30

8.4 Foreign Ownership of Agency Debt and Agency MBS

The largest holders of agency MBS were Japan, China, and Taiwan. As of December 2022, these 

three owned 58% of all foreign owned US MBS. Between December 2021 and December 2022, 

Japan and Taiwan decreased their agency MBS holdings while China’s holdings increased. Japan’s 

holdings decreased by $23.4 billion, Taiwan’s holdings decreased by $33.7 billion, and China’s 

holdings increased by $50.9 billion.

Table 12. All Agency Debt

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

3/1/2022 6/1/2022 9/1/2022 12/1/2022 Q1 

2022 Q2 2022 Q3 2022 Q4 2022

Japan 259,844 231,432 232,765 278,612 -42,135 -28,412 1,333 45,847

China 219,549 244,320 241,461 253,532 16,881 24,771 -2,859 12,071

Taiwan 233,340 222,670 209,453 210,687 -11,035 -10,670 -13,217 1,234

Canada 73,723 76,391 89,313 2,668 12,922 11,288

United Kingdom 48,436 66,195 56,323 62,982 -24,575 17,759 -9,872 6,659

100,601

Luxembourg

-4,501

33,384 42,630 38,350 50,205 -1,174 9,246 -4,280 11,855

South Korea 40,328 37,963 35,643 38,777 -1,723 -2,365 -2,320 3,134

Cayman Islands 31,972 34,965 35,067 35,475 -3,234 2,993 102 408

Ireland 20,589 20,200 17,680 22,687 -734 -389 -2,520 5,007

France 17,127 16,718 16,212 19,947 257 -409 -506 3,735

Other 186,810 199,603 191,418 207,063 -8,079 12,793 -8,185 15,645

Total 1,165,102 1,193,087 1,163,685 1,280,568 -80,052 27,985 -29,402 116,883

Table 13. Agency MBS

Country Level of Holdings ($ Millions)

12/1/2021 12/1/2022 YoY Change in Holdings ($ Millions)

Japan 301,979 278,612 -23,367

China 202,668 253,532 50,864

Taiwan 244,375 210,687 -33,688

Canada 78,224 100,601 22,377

United Kingdom 73,011 62,982 -10,029

Luxembourg 34,558 50,205 15,647

South Korea 42,051 38,777 -3,274

Cayman Islands 35,206 35,475 269

Ireland 21,323 22,687 1,364

France 16,870 19,947 3,077

Other 194,889 207,063 12,174

Total 1,245,154 1,280,568 35,414

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q4 2022. Agency MBS as of

December 2022. Revised to include top 10 holders of agency debt listed as of December 2022.
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Liquidity Indicators

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 31

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume in April 2023 was $247 billion, which is up from a 

monthly average of $241 billion for calendar year 2022. In April 2023, agency MBS average daily

trading volume decreased 4.9% MoM. See footnote below for update on “Average Daily Turnover by

Sector” data.

Figure 35. Average Daily Trading Volume by Sector

Figure 36. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of April 2023 for Average Daily Trading Volume by Sector and as of December 2021 for agency MBS 

in Average Daily Turnover by Sector. The MBS outstanding database for Turnover by Sector is under maintenance and is not

updated in this report.

$247

$642

$44

$0

$100

$200

$300

$400

$500

$600

$700

$ Billions

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

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 32

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

The tables below outline the population distributions of FICOs, DTIs, and LTVs between the agencies

and between FHA, VA, and other Ginnie Mae loan sources as of the end of April 2023. The

distribution statistics capture some key differences in the populations served by the agencies.

10.1 Credit Scores

Table 14. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 196,020 648 690 739 775 797 730

Fannie 68,432 699 728 759 785 801 754

Freddie 53,357 698 726 757 783 800 752

Ginnie 74,231 624 648 683 733 777 691

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 46,798 623 655 702 752 786 702

Fannie 16,670 666 700 742 776 798 736

Freddie 10,813 656 686 725 762 791 723

Ginnie 19,315 597 626 657 693 734 661

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 242,818 642 682 733 772 795 724

Fannie 85,102 691 723 757 784 800 750

Freddie 64,170 688 719 753 780 799 747

Ginnie 93,546 620 644 677 725 771 685

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 74,231 624 648 683 733 777 691

FHA 45,196 620 642 669 704 743 675

VA 26,091 635 670 725 772 796 719

Other 2,944 633 657 693 732 765 696

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 19,315 597 626 657 693 734 661

FHA 12,309 592 622 649 680 713 651

VA 6,983 608 638 675 718 760 678

Other 23 624 660 720 750 765 704

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 93,546 620 644 677 725 771 685

FHA 57,505 613 638 665 699 738 670

VA 33,074 628 661 711 764 793 710

Other 2,967 633 657 693 732 765 696
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 33

Figure 37. FICO Distributions by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.01%

2.45%

12.59%

33.21%

43.08%

8.66%

0.09%

2.12%

11.31%

31.02%

45.55%

9.90%

2.48%

18.45%

24.67%

22.72%

24.98%

5.72%

5.76%

31.98%

38.08%

15.95%

5.94%

0.55%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 34

10.2 Loan-to-Value (LTV)

Table 15. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 196,268 67 80 95 98 100 87

Fannie 68,487 56 75 80 95 95 81

Freddie 53,371 58 75 85 95 95 81

Ginnie 74,410 91 98 98 100 100 97

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 46,435 36 52 69 80 86 65

Fannie 16,672 30 43 59 70 79 56

Freddie 10,813 32 46 60 72 80 58

Ginnie 18,950 57 70 80 82 92 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 242,703 54 75 90 97 99 83

Fannie 85,159 45 66 80 93 95 76

Freddie 64,184 49 70 80 93 95 77

Ginnie 93,360 76 90 98 100 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 74,410 91 98 98 100 100 97

FHA 45,344 92 97 98 98 98 96

VA 26,108 88 100 100 100 102 97

Other 2,958 92 98 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,950 57 70 80 82 92 76

FHA 12,347 54 67 78 81 81 72

VA 6,580 64 77 88 93 100 84

Other 23 73 78 86 93 99 83

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 93,360 76 90 98 100 100 92

FHA 57,691 75 86 98 98 98 91

VA 32,688 79 91 100 100 102 94

Other 2,981 92 98 101 101 101 98

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 35

Figure 38. Loan-to Value by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 36

10.3 Debt-to-Income (DTI)

Table 16. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 195,977 27 34 42 47 51 40

Fannie 68,487 24 31 39 45 48 38

Freddie 53,371 25 32 40 45 49 38

Ginnie 74,119 32 38 45 51 55 44

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 46,270 25 33 40 46 50 39

Fannie 16,672 23 30 38 43 47 37

Freddie 10,813 25 32 40 45 49 38

Ginnie 18,785 29 36 43 50 54 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 242,247 26 34 41 47 50 40

Fannie 85,159 24 31 39 45 48 37

Freddie 64,184 25 32 40 45 49 38

Ginnie 92,904 31 38 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 74,119 32 38 45 51 55 44

FHA 45,343 33 40 46 51 55 45

VA 25,819 30 38 45 51 56 44

Other 2,957 27 32 36 40 42 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,785 29 36 43 50 54 42

FHA 12,302 29 36 44 50 55 43

VA 6,460 27 35 42 49 54 42

Other 23 26 31 35 39 42 35

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 92,904 31 38 45 51 55 44

FHA 57,645 32 39 46 51 55 44

VA 32,279 30 37 44 51 56 43

Other 2,980 27 32 36 40 42 35

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 37

Figure 39. Debt-to Income by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 38

10.4 High LTV Loans: Ginnie Mae vs. GSEs

From February 2021 – April 2021 to February 2023 – April 2023, the share of high-LTV agency loans

going to borrowers with:

 FICO scores above 750 has increased by approximately 2.7%

 DTIs below 35% decreased by approximately 28.6%

In that period, the share of high-LTV loans increased in the Ginnie Mae guarantee book by

approximately 32% and in the GSE portfolios by approximately 228%. 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 71.04% of its issuances between February 2023 and April 2023

having LTVs of 95 or above, compared to 24.85% for the GSEs.

Table 17. Share of Loans with LTV > 95

Ginnie Mae GSE All

Feb 2021 - Apr 2021 53.81% 7.57% 18.14%

Feb 2023 – Apr 2023 71.04% 24.85% 42.78%

Table 18. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Feb 2021-Apr 2021)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.99% 4.31% 5.93% 9.71% 0.14% 22.08%

35-45 4.25% 8.67% 9.27% 9.91% 0.04% 32.15%

≥45 3.98% 7.61% 6.39% 5.32% 0.03% 23.32%

NA 1.97% 3.80% 3.40% 3.74% 9.53% 22.45%

All 11.98% 24.99% 25.30% 28.45% 9.28% 100.00%

Table 19. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Feb 2023-Apr 2023)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.11% 3.03% 4.19% 6.38% 0.06% 15.77%

35-45 5.84% 8.69% 10.31% 11.36% 0.06% 36.26%

≥45 8.19% 13.75% 12.90% 11.50% 0.05% 46.40%

NA 0.30% 0.22% 0.16% 0.20% 0.69% 1.57%

All 16.44% 25.69% 27.57% 29.44% 0.86% 100.00%

Sources: Recursion and Ginnie Mae. Data as of April 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 39

10.5 Serious Delinquency Rates

Serious delinquency rates for single-family GSE, VA, and FHA loans all fell in Q1 2023. From Q4 2022

to Q1 2023, Fannie and Freddie serious delinquencies decreased by 6 and 4 bps, respectively.

Ginnie Mae collateral’s serious delinquency rates decreased more than the GSE rate, with VA

decreasing 17 bps and FHA decreasing 37 bps. This overall decline in serious delinquency rates is

consistent with the decrease in the number of loans in forbearance captured in Section 11 below.

Figure 40. Serious Delinquency Rates: Single-Family Loans

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 Q1 2023.

3.96%

0.62%

0.59%

2.26%

0%

2%

4%

6%

8%

10%

12%

3Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q23

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 40

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 56.2% in April 2023, an increase

from 54.9% in March 2023 and up from 53.0% in April 2022. Ginnie Mae and Fannie Mae’s first-time

homebuyer shares, 68.2% and 49.1% respectively in April 2023, have remained relatively flat YoY.

Freddie Mac’s first-time homebuyer share increased 19.5% YoY. Table 20 shows that based on

mortgages originated in April 2023, the average GSE first-time homebuyer was more likely to have a

lower credit score, and higher LTVs compared to the average GSE repeat homebuyer. Ginnie Mae’s

first-time homebuyers were more likely to have lower loan amounts, credit scores, and DTI while

loan rate was very similar.

Figure 41. First-Time Homebuyer Share: Purchase Only Loans

Table 20. Agency First-Time Homebuyer Share Summary

Fannie Mae Freddie Mac Ginnie Mae All

First-Time Repeat First-Time Repeat First-Time Repeat First-Time Repeat

Loan Amount $ 321,489 328,358 325,930 339,916 303,651 361,600 314,331 341,210

Credit Score 748.1 759.6 746.1 757.3 685.6 703.6 719.0 743.4

LTV (%) 86.1 75.9 86.1 76.8 97.4 94.8 91.3 81.4

DTI (%) 37.3 37.7 38.2 38.2 43.8 45.1 40.5 39.9

Loan Rate (%)

6.2 6.3 6.3 6.3

48.6%

6.1

49.1%

68.2%

56.2%

25%

35%

45%

55%

65%

75%

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

Jul-22

Oct-22

Jan-23

Apr-23

First-Time Homebuyer Share

Freddie

6.0

Fannie Ginnie

6.2 6.2

All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 41

Within the Ginnie Mae purchase market, 76.5% of FHA loans, 52.0% of VA loans, and 84.0% of other

loans provided financing for first-time home buyers in April 2023. While VA loans decreased MoM,

FHA and other loans remained relatively stable. Table 21 shows that based on mortgages originated

in April 2023 the credit profile of the average VA first-time homebuyer differed from the average VA

repeat buyer. The average VA first-time homebuyer took out 16.1% smaller loans, had a 22-point

lower credit score, 4.1% higher LTVs and had a 10 bps higher interest rate. FHA’s first-time

homebuyers are much more like their repeat buyers, with only 5.1% smaller loans, 10 bps higher in

interest rate, and 2.2% higher LTVs. Because FHA provides one of few credit options for borrowers

with lower credit scores, repeat borrowers with weaker credit profiles are often limited to FHA

financing; FHA’s repeat buyers continue to have lower credit scores than their first-time home 

buyers. For VA and conventional borrowers alike, repeat buyers tend to have higher credit scores

than first-time homebuyers.

Figure 42. First-time Homebuyer Share: Ginnie Mae Breakdown

Table 21. Ginnie Mae First-Time Homebuyer Share Breakdown Summary

FHA VA Other Total

First-Time Repeat First-Time Repeat First-Time Repeat First-Time Repeat

Loan Amount $ 296,704 312,723 343,757 409,701 181,481 190,701 303,651 361,600

Credit Score 675.9 672.4 708.6 730.3 695.6 698.0 685.6 703.6

LTV (%) 96.8 94.6 98.9 94.8 98.0 98.5 97.4 94.8

DTI (%) 44.6 45.9 43.3 44.7 35.2 36.1 43.8 45.1

Loan Rate (%) 6.2 6.1 6.0 5.9 6.2

76.5%

52.0%

84.0%

68.2%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

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

Jul-22

Oct-22

Jan-23

Apr-23

First-time Homebuyer Share

FHA

6.0

VA Other

6.1 6.0

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 42

10.7 Credit Box: Historical

The median FICO score for all agency loans originated in April 2023 was 729, which represents a 2-

point decline YoY from April 2022. Ginnie Mae median FICO scores increased 3 points between April

2022 and April 2023 to 673. As of April 2023, average FICO scores for refinances dropped for Fannie

Mae and Freddie Mac borrowers by 3 and 8 points YoY respectively.

Figure 43. FICO Scores for All Loans

Figure 44. FICO Scores for Purchase Loans Figure 45. FICO Scores for Refinance Loans

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files

753

757

673

729

660

680

700

720

740

760

780

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

Jul-22

Oct-22

Jan-23

Apr-23

Freddie Median FICO Fannie Median FICO Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Apr-18

Sep-18Feb-19

Jul-19

Dec-19

May-20

Oct-20

Mar-21

Aug-21

Jan-22

Jun-22

Nov-22

Apr-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Apr-18

Sep-18Feb-19

Jul-19

Dec-19

May-20

Oct-20

Mar-21

Aug-21

Jan-22

Jun-22

Nov-22

Apr-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 43

In April 2023, the median LTV for Ginnie Mae loans was 98.2% compared to 80% for Fannie Mae

and Freddie Mac, owing primarily to the lower down-payment requirements for government loan

programs. Freddie Mac and Fannie Mae each saw increases in median LTV YoY from 75% in April

2022 whereas Ginnie Mae LTVs remained relatively flat from 98% over the same period. In April

2023, median DTIs for Ginnie Mae, Freddie Mac, and Fannie Mae were 44.7%, 40.0%, and 39.0%

respectively. In April 2022, median DTIs for Ginnie Mae, Fannie Mae, and Freddie Mac were 43.1%, 

37.0%, and 37.0%.

Figure 46. LTV Ratio for All Loans

Figure 47. DTI Ratio for All Loans

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

80.0

98.2

90.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22

Dec-22

Apr-23

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

40.0

39.0

44.7

41.2

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22

Dec-22

Apr-23

Freddie Median Fannie Median Ginnie Median All Median

80.0
GLOBAL MARKETS ANALYSIS REPORT

Forbearance Trends

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 44

11 FORBEARANCE TRENDS

At the end of April 2023, 96,056 Ginnie Mae loans were in forbearance. The number of loans in

forbearance removed from MBS pools in April was 519 while 95,537 loans in forbearance remain in

pools. The number of loans in forbearance, removed from pools, and loans that remained in pools 

has decreased MoM. The median current principal balance for Ginnie Mae, FHA, and VA was higher 

for loans in forbearance originated by nonbanks than banks in all subsets.

Table 22. Forbearance Snapshot

All Loans in Forbearance – March 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 657 3.7 $211,235 73.5 76.6 96,056 

Bank 671 3.9 $148,179 81.4 86.5 10,748 

Nonbank 655 3.7 $219,107 72.7 75.8 85,297 

FHA 653 3.7 $207,693 77.1 79.9 70,182 

Bank 670 4.0 $146,232 84.2 89.3 8,806 

Nonbank 651 3.7 $216,154 76.3 79.1 61,369 

VA 666 3.5 $266,390 58.6 63.8 18,685 

Bank 676 3.6 $188,673 61.4 69.1 1,310 

Nonbank 665 3.5 $270,894 58.4 63.5 17,372 

Loans in Forbearance and Removed from Pools – March 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 659 3.6 $160,458 70.0 62.9 519

Bank 654 4.6 $89,437 69.4 79.7 142

Nonbank 660 3.4 $195,420 70.1 60.4 377

FHA 651 3.8 $158,565 76.0 68.0 338

Bank 653 4.7 $89,533 71.9 76.3 109

Nonbank 650 3.6 $190,162 77.1 66.2 229

VA 673 3.1 $200,498 51.3 48.3 132

Bank 669 4.0 $66,540 38.7 89.3 16

Nonbank 673 3.1 $228,164 52.1 46.5 116

Loans in Forbearance that Remain in Pools – March 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 657 3.7 $211,529 73.5 76.7 95,537

Bank 671 3.9 $149,063 81.5 86.6 10,606

Nonbank 655 3.7 $219,190 72.7 75.9 84,920

FHA 653 3.7 $207,864 77.1 80.0 69,844

Bank 670 3.9 $146,981 84.3 89.4 8,697

Nonbank 651 3.7 $216,235 76.3 79.1 61,140

VA 666 3.5 $266,724 58.6 63.9 18,553

Bank 676 3.6 $190,062 61.5 68.9 1,294

Nonbank 665 3.5 $271,148 58.4 63.6 17,256

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 2023; *Averages weighted by remaining principal balance of the loans.
GLOBAL MARKETS ANALYSIS REPORT

Holders of Ginnie Mae Mortgage Servicing Rights

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 45

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

The 30 largest owners of mortgage servicing rights (MSR) by UPB for loans collateralizing Ginnie

Mae MBS is shown in Table 23. The top 30 firms collectively own 86.65% of Ginnie Mae MSRs (see

Cumulative Share). Twenty-two of these top 30 are non-depository institutions, the remaining 8 are

depository institutions. As of April 2023, over half (53.90%) of the Ginnie Mae MSRs are owned by

the top six firms.

Table 23. Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

MSR Holder Rank

Current Year prior Change

UPB

($ millions) Share

Cumulative 

Share CPR CDR

LAKEVIEW LOAN SERVIC 1 3 $292,738,396,612 13.41% 13.41% 6.38% 0.86%

DBA FREEDOM HOME MOR 2 1 $269,679,002,408 12.35% 25.76% 6.96% 0.92%

PENNYMAC LOAN SERVIC 3 2 $254,052,180,168 11.64% 37.40% 6.94% 0.82%

NATIONSTAR MORTGAGE, 4 6 $127,690,263,946 5.85% 43.25% 6.81% 0.75%

NEWREZ LLC 5 8 $122,688,300,395 5.62% 48.87% 5.30% 0.35%

WELLS FARGO BANK, NA 6 4 $109,797,072,936 5.03% 53.90% 5.95% 0.38%

ROCKET MORTGAGE, LLC 7 5 $106,842,744,685 4.89% 58.79% 7.88% 0.53%

CARRINGTON MORTGAGE 8 7 $91,684,961,935 4.20% 62.99% 6.97% 1.18%

U. S. BANK, NA 9 10 $52,787,220,292 2.42% 65.41% 5.08% 0.62%

PLANET HOME LENDING, 10 14 $47,457,892,477 2.17% 67.58% 5.24% 0.29%

UNITED WHOLESALE MOR 11 11 $39,859,993,164 1.83% 69.41% 3.44% 0.31%

AMERIHOME MORTGAGE C 13 20 $34,760,643,346

LOANDEPOT.COM,LLC 12 12 $37,543,817,962 1.72% 71.13% 6.50% 0.61%

1.59% 72.72% 4.36% 0.38%

MORTGAGE RESEARCH CE 14 13 $34,459,600,778 1.58% 74.30% 5.77% 0.51%

NAVY FEDERAL CREDIT 15 16 $29,254,831,549 1.34% 75.64% 5.87% 0.21%

GUILD MORTGAGE COMPA 16 19 $22,736,658,635 1.04% 76.68% 6.10% 0.92%

THE MONEY SOURCE INC 17 17 $20,786,351,010 0.95% 77.63% 6.00% 0.57%

TRUIST BANK 18 18 $20,191,164,477 0.92% 78.56% 6.18% 0.52%

CROSSCOUNTRY MORTGAG 19 21 $18,857,683,291 0.86% 79.42% 5.55% 0.51%

NEW AMERICAN FUNDING 20 22 $18,347,245,370 0.84% 80.26% 5.94% 0.49%

VILLAGE CAPITAL & IN 21 23 $17,740,109,134 0.81% 81.07% 7.57% 0.83%

MOVEMENT MORTGAGE,LL 22 27 $17,496,841,448 0.80% 81.88% 5.14% 0.44%

CMG MORTGAGE, INC. 23 28 $16,240,472,551 0.74% 82.62% 5.16% 0.20%

IDAHO HOUSING AND FI 24 25 $15,056,228,904 0.69% 83.31% 4.20% 0.59%

PHH MORTGAGE CORPORA 25 30 $13,916,756,062 0.64% 83.95% 5.74% 0.89%

CITIZENS BANK N.A. 26 24 $13,865,005,920 0.64% 84.58% 4.81% 0.28%

MIDFIRST BANK 27 29 $12,464,332,841 0.57% 85.15% 7.15% 1.60%

FLAGSTAR BANK, N.A. 28 NR $12,328,842,027 0.56% 85.72% 5.05% 0.19%

JP MORGAN CHASE BANK 29 NR $10,192,754,555 0.47% 86.18% 6.17% 1.25%

CARDINAL FINANCIAL C 30 NR $10,171,645,636 0.47% 86.65% 6.28% 0.62%

Sources: Deloitte, Recursion. Notes: Data as of April 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 46

13 AGENCY NONBANK ORIGINATORS

Total agency nonbank origination share decreased in April 2023 by approximately 1.7% MoM. The

decrease in nonbank origination share was driven primarily by Fannie Mae (nonbank origination 

share down 5.7% MoM). The Ginnie Mae nonbank share rose to 88.7% as of April 2023 and has 

remained consistently higher than the GSEs, largely driven by origination share of refinance 

mortgage loans. GSE origination volume of purchase mortgage loans has been the primary driver in 

the MoM decline of agency nonbank origination share.

Figure 48. Agency Nonbank Originator Share (All, Purchase, Refi)

Sources: Recursion. Notes: Data as of April 2023.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

All Fannie Freddie Ginnie

81.3%

77.9%

75.4%

88.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Fannie Freddie Ginnie

Figure 49. Nonbank Origination Share: 

Purchase Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

All Fannie Freddie Ginnie

Figure 50. Nonbank Origination Share: 

Refi Loans
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 47

Ginnie Mae’s total nonbank originator share remained relatively stable in April 2023. Ginnie Mae 

continues to have a very high proportion of nonbank originations, with a rate of 88.7% in April 

2023. The percent of Ginnie Mae’s Other nonbank refinanced loans decreased slightly to 88.6% in 

April 2023.

Figure 51. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

Sources: Recursion. Notes: Data as of April 2023.

0%

20%

40%

60%

80%

100%

120%

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All FHA VA Other

Figure 52. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 53. Ginnie Mae Nonbank Share: 

Refi Loans

88.6%

88.7%

87.8%

90.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

FHA VA Other All

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 48

Figure 55. GSE FICO: Bank vs. Nonbank

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE

13.1.1 (FICO, LTV, DTI)

Figure 56. Ginnie Mae FICO: Bank vs. Nonbank

The mortgage loan originations of nonbanks continue to have a consistently lower median FICO 

score than their bank counterparts across all agencies. The spread between nonbank and bank FICO 

scores decreased by 1 point from March 2023 to April 2023. The agency median FICO increased by 1 

point MoM to 730.

Figure 54. Agency FICO: Bank vs. Nonbank

Sources: Recursion: Notes: Data as of April 2023.

730

744

725

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

680

690

700

710

720

730

740

750

760

770

780

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Median FICO Bank Median FICO

Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Median FICO Bank Median FICO

Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 49

The median LTV for all GSE originators remained the same in April 2023 MoM at 80%. Ginnie Mae 

median bank and nonbank LTV remained flat at 98.19% MoM. Ginnie Mae median DTI decreased 

MoM to approximately 44.9% in April 2023 in nonbank originations.

Figure 57. GSE LTV: Bank vs. Nonbank Figure 58. Ginnie Mae LTV: Bank vs. Nonbank

Sources: Recursion. Notes: Data as of April 2023.

Figure 59. GSE DTI: Bank vs. Nonbank Figure 60. Ginnie Mae DTI: Bank vs. Nonbank

64

66

68

70

72

74

76

78

80

82

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Median LTV Bank Median LTV

Nonbank Median LTV

90

92

94

96

98

100

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Median LTV Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

46

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Median DTI Bank Median DTI

Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 50

In April 2023, the median FICO score for Ginnie Mae bank decreased 4 points to 674 and nonbank 

increased 3 points to 673 MoM. The median FICO for all Ginnie originations increased 2 points to 

673 MoM. The gap between banks and nonbanks is most apparent in VA lending (21-point spread).

Sources: Recursion. Notes: Data as of April 2023.

Figure 62. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 61. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 63. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 64. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

640

650

660

670

680

690

700

710

720

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

670

680

690

700

710

720

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 51

Median DTI for Ginnie Mae nonbank 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 nonbank DTI is 

relatively small.

Sources: Recursion. Notes: Data as of April 2023.

Figure 65. Ginnie Mae DTI:

Bank vs. Nonbank

Figure 67. Ginnie Mae VA DTI:

Bank vs. Nonbank

Figure 68. Ginnie Mae Other DTI:

Bank vs. Nonbank

Figure 66. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

All Median DTI Bank Median DTI

Nonbank Median DTI

34

36

38

40

42

44

46

48

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 52

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

Home prices increased in all regions but the Pacific, Mountain, and West South Central in Q1 2023.

Notably, the New England region experienced a 1.77% QoQ increase in HPI between 2022 Q4 to

2023 Q1. The East South Central and West North Central regions saw a 72 and 68 basis point

increase in the QoQ change in HPI, respectively.

Figure 69. Regional HPI Trend Analysis Q/Q

Source: HPI data from FHFA.US Census Subregions as defined by the US Census Bureau.

Figure 70. FHFA US Census Subregions as defined by the US Census Bureau

Source: HPI data from FHFA.US Census Subregions as defined by the US Census Bureau.

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019 2020 2021 2022 2023

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 53

14.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate and

Rent

As of April 2023, inflation was 5.0%, in line with the month prior. Nationally, rents are up 0.29% YoY

as of month-end April 2023. However, the MoM change from March 2023 to April 2023 decreased

by -0.23%. Wage growth saw a decrease from 6.4% in March 2023 to 6.1% in April 2023. March

2023 reporting data shows YoY home price appreciation has now slowed to 0.8%, down from 2.0%

in February 2023.

Figure 71. Inflation | 12-Month Percent Change in CPI

Figure 72. Asset Price Appreciation vs. Wage Increases

Sources: Bureau of Labor Statistics – Consumer Price Index and Wage-Growth Data; Rent.com - Rental Price Appreciation;

S&P/Case-Schiller U.S. National Home Price Index – Home Price Appreciation.

5.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Apr-13

Oct-13

Apr-14

Oct-14

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

Oct-22

Apr-23

5.0%

6.1%

0.80% 0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

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

Jul-22

Oct-22

Jan-23

Apr-23

General Inflation Wage Growth Home Appreciation

Metric Statistic

General Inflation 5.0%

Home Price 

Appreciation

(YoY)

0.8%

Rental Price 

Appreciation

(Median Rent 

Change YoY)

0.29%

Wage Growth 6.1%
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 54

Home affordability remains low, as the ratio of the average price of sold homes to median incomes

is at a historically high level. Typically, this ratio has been around 5:1; the current 7:1 sales price to

median income ratio exceeds the ratio observed during the housing bubble (6.4:1). With declining

home price appreciation, and home prices even dropping in some regions in the country, this ratio

may drop back down to historically normal levels.

Figure 73. Average Price of Homes Sold to Median Income Ratio

Source: FRED Average Home Sales Data, FRED Median Income Data

7.50

7.00

7.00

6.50

6.00

5.50

5.00

4.50

4.00

3.50

3.00

6.41

1984198519861987198919901991199219941995199619971999200020012002200420052006200720092010201120122014201520162017201920202021

Housing Bubble COVID-19 Pandemic
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 55

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Funds Target Rate increased by 25 bps on May 3, 2023 to a range of 5.00% and 5.25%

per the FOMC.

5 As of May 11, 2023, the average 30-year and 15-year fixed rate mortgage rates 

were 6.35% and 5.75%, respectively. The average 30-year fixed rate mortgage rate increased 7 bps 

and the average 15-year fixed rate mortgage rate increased 11 bps MoM from April 6, 2023.

Figure 74. Average Fixed Rate Mortgage Rates

Sources: FRED data as of May 2023

5

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230503a.htm

6.35

5.75

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 56

7.6

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

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

Jul-22

Oct-22

Jan-23

Apr-23

14.3 Housing Inventory

As of April, 2023, there was 7.6 months of housing inventory on the market, a decrease from 7.9 in 

March 2023. As housing affordability continues to remain high (See above Section 14.2) singlefamily home sales are unlikely to play a large role in the resolution of the housing shortfall.

Multifamily construction volume metrics, shown in Figure 74 increased in 2022; number of starts

increased by 15.0% and numbers of permits increased by 10.7% while number of completions

remained relatively stable.

Figure 75. Single-Family Housing Inventory

Figure 76. Multifamily Construction Metrics: Permits, Starts, Completions

Source: FRED. Figure 73: data as of April 2023. New Residential Construction, US Census Bureau. Figure 74: data as of December

2022.

529

360

627

300

350

400

450

500

550

600

650

2015 2016 2017 2018 2019 2020 2021 2022

in thousands

Number of Starts Number of Completions Number of Permits
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 57

14.4 Size and Value of the US Housing Market

The total value of the single-family housing market reached $42.5 trillion in 2022. The total value of

the US housing market is up 123% from its trough in 2011. From 2021 to 2022 mortgage debt

outstanding increased from $11.4 trillion to $12.2 trillion and household equity increased from 

$24.5 trillion to $30.3 trillion. Thus, the expansion in the housing market is being driven primarily by

increases in home values, as illustrated in the Housing Affordability Section. At $8.7 trillion in 2022,

agency single family MBS continues to account for a growing percentage of the total mortgage debt 

outstanding, up to 67% of total mortgage debt from just 52% in 2011. 

Figure 77. Value of the US Housing Market

Figure 78. Size of the US Residential Mortgage Market.

Source: Federal Reserve Flow of Funds Data as of Q4 2022. 

$12.2

$30.3

$42.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

200220032004200520062007200820092010201120122013201420152016

2017

20182019202020212022

$ Trillions

Debt Household Equity Total Value

$0.4

$8.7

$3.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

20002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022

$ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

MAY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 58

15 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 April 30,

2023. 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.”