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TRADING PARTNER

Global Markets

Analysis Rep t

A Monthly Public ion of Ginnie

Mae’s Office of Capital Markets

Global Markets 

Analysis Report

A MONTHLY PUBLICATION OF GINNIE MAE’S

OFFICE OF CAPITAL MARKETS

OCTOBER

2021
Global Markets Analysis Report

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Global Markets Analysis Report

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

Table of Contents

Table of Contents i

Highlights 2

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

2.0 State of the US Housing Market 10

2.1 National HPI 10

2.2 Size and Value of the US Housing Market 11

2.3 Serious Delinquency Rates 12

2.4 Characteristics of Ginnie Mae Loans in Forbearance 13

2.5 Ginnie Mae Agency Issuance and Agency Outstanding by State 16

2.6 Outstanding Single Family Agency MBS 17

2.7 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 18

2.8 Origination Volume and Share Over Time 19

3.0 US Agency Market, Originations 20

4.0 High LTV Loans: Ginnie Mae vs. GSEs 24

5.0 Holders of Ginnie Mae Mortgage Servicing Rights 25

6.0 Agency Nonbank Originators 26

6.1 Agency Nonbank Originator Share (All, Purchase, Refi) 26

6.2 Ginnie Mae Nonbank Originator Share (All, Purchase, Refi) 27

6.3 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 28

7.0 Fixed Income Market Conditions 32

7.1 Average Daily Trading Volume and Turnover by Sector 32

8.0 Prepayments 33

8.1 Aggregate Prepayments 33

9.0 MBS Ownership 37

9.1 Commercial Bank Holdings of Agency MBS 37

9.2 Bank and Thrift Residential MBS Holdings 38

9.3 Foreign Ownership of MBS 40

9.4 Foreign Ownership of Agency Debt and Agency MBS 41

9.5 Federal Reserve Absorption of Agency MBS 42
Highlights

Global Markets Analysis Report

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

Highlights

Starting in December of 2020, comments from Fed officials indicated that the Federal Open Market Committee 

(FOMC) would begin to discuss tapering of Fed purchases of Treasury Securities and Agency MBS as the 

economy made progress towards two goals; maximum employment, and inflation at the rate of 2 percent over 

the longer run. 

In their most recent press release on September 22, 2021, the FOMC indicated that “the economy has made 

progress toward these goals. If progress continues broadly as expected, the Committee judges that a 

moderation in the pace of asset purchases may soon be warranted.”1

In a press conference following the press release, the chair of the FOMC, Jerome Powell, indicated that “many 

on the Committee feel that the test [for beginning our taper] is already met” and that “in [Chairman Powell’s] 

thinking the test is all but met.”2

During a speech delivered on September 27, 2021 the President and CEO of the Federal Reserve Bank of New 

York (FRBNY) indicated that “it's clear that we have made substantial further progress on achieving our inflation 

goal. There has also been very good progress toward maximum employment. Assuming the economy continues 

to improve as I anticipate, a moderation in the pace of asset purchases may soon be warranted.”3

As discussed by the featured commentators in the September Global Market Analysis Report Highlights, several 

factors may influence the taper, including the magnitude or timing of the taper, attendant changes in MBS 

spreads, and investor demand for high-quality liquid assets (HQLAs). Monthly purchases of Ginnie Mae MBS by 

the Fed reached their maximum in April 2020 with $79 billion of Ginnie Mae MBS purchased (for more 

information on Fed purchases of MBS see section 9.5 Federal Reserve Absorption of Agency MBS). Over the last 

three months, Fed monthly purchases of Ginnie Mae MBS were $19.5 billion in July, $21.7 billion in August, and 

$23.3 billion in September4, the lowest total purchase volume in a 3-month period since the first quarter of 2020 

(January 2020 through March 2020).

1 https://www.federalreserve.gov/newsevents/pressreleases/monetary20210922a.htm 2 https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20210922.pdf 3 https://www.newyorkfed.org/newsevents/speeches/2021/wil210927 4 https://www.newyorkfed.org/markets/ambs/ambs_schedule

80

60

40

20

0

100

$ billions

Gross Issuance Total Fed Purchases

Figure 1. GNMA Gross Issuance and Fed Absorption
Highlights

Global Markets Analysis Report

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

Current Ginnie Mae MBS issuance volumes are at record highs, reaching $70 billion monthly during the past 14 

consecutive months. Over the past four years, average monthly Ginnie Mae MBS issuance volumes have steadily 

increased from an average of $34.7 billion per month in 2018, to $43.7 billion per month in 2019, $67.7 billion 

per month in 2020, and, currently, $78.3 billion per month in 2021.

Gross issuance of Ginnie Mae mortgage-backed securities (MBS) from the start of the pandemic, March 2020, to 

August 2021 has totaled just over $1.33 trillion, of which, the Federal Reserve (the Fed) has purchased 

approximately $522 billion, representing roughly 39 percent of Ginnie Mae gross MBS issuance during that 

timeframe. 

As of September 2021, the Fed’s Ginnie Mae MBS holdings, as a percent of total assets, was 6.9 percent. The 

Fed’s Agency MBS holdings, including Ginnie Mae and the GSE’s, as a percent of total assets, was 31.4 percent.

Figure 2. Agency Gross Issuance and Fed Absorption

Fed overall purchases of Agency MBS have recently declined to around $101 billion in July 2021 and $102 billion

in August 2021.

Current Market Perspectives

With the potential for Fed tapering of Agency MBS purchases, Global Market Advisory Report sought

perspectives from MBS market participants on the timing and impact of the potential taper on the Ginnie Mae

MBS market. Commentators include Christopher Whalen, Chairman of Whalen Global Advisors LLC and Scott 

Buchta, Senior Managing Director: Head of Fixed Income Strategy at Brean Capital.

Mr. Whalen: There is a great deal of speculation as to the impact of an eventual tapering of bond purchases by

the FOMC with respect to Treasury collateral and especially MBS. The obvious implication of tapering is that it

will result in higher mortgage rates and perhaps also wider spreads as the purchases decline. Certainly the size

of the Fed purchases and also the relative indifference of the Fed to prepayments is a significant factor. Against

this argument, however, is the continued dearth of risk-free assets globally and overall investor demand for

loans and servicing assets. Our view is that a cessation of Fed purchases of GNMA MBS may result in increased

volatility in the near term, but any appreciable increase in yields will attract significant interest from domestic

and foreign investors, especially if prepayments slow and total returns move back above zero. Medium term, the 

400

350

300

250

200

150

100

50

0

$ billions

Total Gross Issuance Total Fed Purchases
Highlights

Global Markets Analysis Report

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

fact of continued Fed purchases of longer-dated coupons to maintain the size of the system open market

account will effectively keep benchmark yields from rising a lot. Lenders ultimately set mortgage rates, thus I 

suspect that intense competition for declining volumes will ultimately mute the impact of a change in Fed asset

purchase.

Mr. Buchta: We expect the Fed to announce the tapering of asset purchases in November, commencing in

December. We expect the Fed to reduce purchases by $5B MBS and $10B Treasuries per month, and by an

additional $5B and $10B per month thereafter. The Fed will want to retain a lot of flexibility with regards to the

magnitude of the taper each month. Although we expect to see spreads widen modestly when the actual taper

begins to take place, the absolute level of widening should be somewhat muted this time around because of the

size of their retained MBS portfolio and reinvestment needs. The impact on spreads will be very rate directional.

If rates are lower, spreads can move wider than if rates are higher because of the amount of supply hitting the 

markets in either scenario. Bank demand will also play an important role in determining spreads post-taper, and

on this front GNMA securities may have an advantage because of their 0% risk-weighting. Rising rates should

also prove to be supportive of GNMA securities as a whole, as their spreads versus similar coupon conventional

bonds tend to increase in a rising rate environment (this has already been the case in G2s).

“The data provided in the Global Markets Analysis Report (hereinafter, the “report”) should be considered as general information only and is current only as

of its specified date, unless otherwise noted. No information contained herein is, and should not be construed to be, investment advice. Nor does any 

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

The information contained herein is based upon information generally available to the public from sources believed to be reliable as of the specified date. 

The accuracy of the information contained herein is based on the corresponding accuracy of the issuer data as reported to the Government National

Mortgage Association (hereinafter, “Ginnie Mae”).

Therefore, if there is insufficient or inaccurate data to support calculations of any specific disclosure information, Ginnie Mae disclaims any and all liability 

relating to that information, including, without limitation, any express or implied representations or warranties for statements or errors contained in, or 

omissions from, the report.

The forward-looking statements, and underlying assumptions, speak only as of the date of October 20, 2021. Ginnie Mae expressly disclaims any obligation 

or undertaking to update or revise any forward-looking statement or underlying assumption contained in the report to reflect any change in its

expectations or any change in circumstances upon which such statement is based.

Past performance is not a guarantee of future results. Accordingly, there are no assurances given, nor representations or warranties made, that all

estimated returns or projections will be realized, or that actual returns or performance results will not materially differ from those estimated herein.”
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.0 Relative Attractiveness of US Fixed Income and Ginnie Mae MBS

US MBS (Ginnie Mae, Fannie Mae, and Freddie Mac) contribute approximately 28% of the Barclays US

Aggregate Index. US MBS follow only US Treasuries, which contribute approximately 38% of the Barclays

US Aggregate Index. For the US Aggregate Index, the month-to-month changes of the index components

were no bigger than 1%. In the Barclays Global Aggregate Index by Country, the US share of fixed

income still represents the largest share of total outstanding issuance, representing approximately 38%

of the total Barclays Global Aggregate Index. This is an increase of 4% from the previous month. The 

“Other” bucket decreased its share by 8%.

1.1 Barclays US Aggregate and Global Indices

Barclays US Aggregate Index

Sources: Bloomberg. Note: Data as of September 2021. Numbers in chart may not add to 100 % due to rounding.

Barclays Global Aggregate Index by Country

Sources: Bloomberg. Note: Data as of September 2021. Figures in charts may not add to 100 % due to rounding.

2% 2%1% 1% 1% 0%

2%

8%

16%

28%

38%

Treasury

MBS Passthrough

Industrial

Financial Institutions

Agency

Utility

CMBS

Supranational

Sovereign

Local Authority

ABS

2% 15%

3% 2%

3%

4%

5%

6% 8% 14%

38%

United States

Japan

China

France

United Kingdom

Germany

Canada

Italy

Spain

Netherlands

Other
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.2 Global 10‐Year Treasury Yields

The US 10-year Treasury yield moved to 1.49% in September 2021, an increase month over month of 18 bps. US

Treasury yields remain the highest of all the government treasury yields depicted in the figure below. The yield 

on the Italian 10-year note increased to 0.86% in September, an increase month over month of 15 bps. The

yields on the German 10-year and the UK 10-year notes increased by 19 bps to -0.2%, and 31 bps to 1.02%,

respectively. The yield on the Japanese 10-year government notes increased to 0.07% in September, a slight

increase month over month of 5 bps. At the end of September 2021, the hedged yield for the 10-year Treasury 

JPY held at 2.61%, a decrease of 4 bps from the previous month. The hedged yield for the 10-year Treasury EUR

held at 1.49%, a decrease of 3 bps from the previous month.

Global 10‐Year Treasury Yields

7– 10yr Total Return Hedged Index, JPY

Sources: Bloomberg. Note: Data as of September 2021

6 – 10yr Total Return Hedged Index, EUR

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0

US 10 YR UK 10 YR GER 10 YR IT 10 YR JPY 10 YR

279

269

259

249

239

229

219

170

160

150

140

130

120
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.3 Ginnie Mae Yields– USD

Ginnie Mae MBS yields slightly increased in September 2021. GNMA II yields were at 1.78% and GNMA I yields at

1.99%, up by 9 bps and 10 bps, respectively, from the prior month. At the end of September, Ginnie Mae II SF

yields were 30 bps higher than the US 10-year Treasury yield, representing a decrease in spread of 8 bps since

last month. The yields on the Ginnie Mae I SF were 50 bps higher than the US 10-year Treasury yield at the end

of September, also representing a decrease in spread of 8 bps since last month.

Ginnie Mae II SF Yield, USD

Ginnie Mae I SF Yield, USD

Sources: Bloomberg. Note: Data as of September 2021

4.5

4

3.5

3

2.5

2

1.5

1

0.5

0

4.5

4

3.5

3

2.5

2

1.5

1

0.5

0
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.4 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS increased when compared to

the previous month, ending at 0.25%, an increase of 6 bps since the previous month. The Ginnie Mae II 30-year

OAS decreased by 8 bps since the previous month. The US Intermediate credit OAS has slightly decreased by 2

bps since last month. 

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

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

Sources: Bloomberg. Note: Data as of September 2021.

3.5

3

2.5

2

1.5

1

0.5

0

-0.5

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

3.5

3

2.5

2

1.5

1

0.5

0
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.5 Global Treasury Yield Per Duration

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

of various tenors with similar or longer duration. Prepayment risk is a feature of MBS. The GNMA MBS

2.5% and 3% products have increased their yield and duration in September. The GNMA II 2.5% 

securities duration and yield increased by 0.42 units and 18 bps, respectively, when compared to the

previous month. Additionally, the GNMA II 3% securities duration and yield increased by 0.25 units and

8 bps when compared to the previous month.

Yield vs. Duration

Sources: Bloomberg. Note: Yield and modified duration for GNMA II securities is from illustrative TBA using base prepayment assumptions and an assumed 

settlement of 10/19. All other data is as of September 2021. Yields are in base currency of security and unhedged.

US 10y

UK 10y

US 5y

UK 5y

ITA 10y

ITA 5y JPY 10y

JPY 5y

GER 10y

GER 5y

GNMA II 2%

Yield

2.00

1.50

1.00

0.50

0.00

-0.50

-1.00

GNMA II 3%

GNMA II 2.5%

0.00 5.00 10.00 15.00

Duration

1.49

Security Duration Yield

JPY 5y

US 5y

US 10y

4.74

4.84

-0.08

9.22

0.99

JPY 10y

GER 5y

9.89

5.05

0.07

-0.55

GER 10y

ITA 5y

9.89

4.50

-0.20

0.08

ITA 10y

UK 5y

9.47

4.99

0.86

0.62

UK 10y

GNMA II 2%

9.66

13.50

1.0

1.70

GNMA II 2.5%

GNMA II 3%

4.79

3.48

1.82

1.63
State of the US Housing Market

Global Markets Analysis Report

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

2.0 State of the US Housing Market

2.1 National HPI

Nationally, home prices exceed their pre-crisis peak on a nominal basis by 45.3% through June 2021. The extent

of the HPI rebound since the Global Economic Crisis (GEC) has varied from state to state. There is a positive

relationship between the extent of the drop from peak to trough and the scale of the rebound. However, some 

areas experienced minor declines in home prices but have had significant home price appreciation.

Source: FHFA. Notes: HPI data as of June 2021. Peak refers to the month when HPI reached the highest level for each state/US during the housing boom

period, ranging from 2005 to 2008. Trough represents the month when HPI fell to the lowest level for each state/US after the housing bust, ranging from

2009 to 2012. Current period is 6/2021, the latest HPI data period.

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

National 59.6% ‐21.1% 84.2% 10.5% 45.3%

AK 66.9% -5.2% 37.4% 6.4% 30.3%

AL 41.7% -15.0% 60.6% 10.0% 36.5%

AR 39.8% -11.0% 52.7% 10.3% 35.8%

AZ 110.3% -49.5% 167.9% 16.4% 35.3%

CA 144.8% -47.0% 132.1% 13.8% 23.0%

CO 32.4% -10.2% 134.5% 13.1% 110.6%

CT 72.9% -19.6% 34.9% 13.7% 8.4%

DC 162.7% -11.8% 114.6% 10.2% 89.3%

DE 88.7% -23.5% 50.4% 12.0% 15.1%

FL 130.2% -46.5% 135.8% 12.8% 26.0%

GA 35.9% -27.1% 106.5% 11.2% 50.6%

HI 138.9% -26.9% 91.0% 8.9% 39.6%

IA 27.9% -5.4% 51.6% 8.0% 43.4%

ID 73.3% -32.3% 190.6% 23.8% 96.6%

IL 49.9% -23.8% 44.0% 8.7% 9.7%

IN 19.1% -8.6% 73.5% 11.0% 58.5%

KS 31.0% -7.7% 63.6% 10.8% 51.1%

KY 28.9% -5.5% 60.7% 9.9% 51.9%

LA 51.6% -6.6% 42.7% 6.5% 33.3%

MA 69.9% -18.1% 73.4% 12.1% 41.9%

MD 126.4% -26.4% 50.2% 10.2% 10.5%

ME 72.0% -12.4% 71.3% 14.6% 50.1%

MI 18.4% -31.5% 107.0% 11.6% 41.8%

MN 52.6% -23.0% 81.1% 10.4% 39.5%

MO 39.2% -15.0% 71.2% 11.2% 45.5%

MS 38.9% -12.9% 40.8% 7.7% 22.7%

MT 79.3% -13.8% 91.1% 14.8% 64.8%

NC 39.8% -14.1% 78.0% 12.3% 52.9%

ND 51.8% -0.8% 66.7% 5.8% 65.3%

NE 24.4% -6.0% 73.9% 10.6% 63.5%

NH 72.7% -21.9% 76.8% 14.5% 38.0%

NJ 102.2% -22.6% 48.1% 12.8% 14.6%

NM 66.7% -18.0% 52.7% 10.5% 25.3%

NV 117.4% -59.2% 192.8% 13.0% 19.4%

NY 75.8% -10.5% 53.8% 11.4% 37.6%

OH 19.6% -16.5% 74.8% 11.3% 45.9%

OK 36.9% -4.7% 56.2% 8.8% 48.8%

OR 85.7% -28.6% 124.6% 13.6% 60.4%

PA 69.0% -10.9% 54.7% 10.7% 37.9%

RI 108.2% -28.0% 75.4% 14.4% 26.2%

SC 40.6% -16.0% 79.8% 11.0% 51.1%

SD 40.1% -2.4% 68.1% 11.7% 64.2%

TN 38.5% -12.6% 93.7% 13.4% 69.3%

TX 35.8% -3.0% 92.0% 11.4% 86.3%

UT 65.2% -26.1% 144.5% 19.1% 80.7%

VA 95.2% -18.8% 57.2% 10.6% 27.7%

VT 78.2% -10.2% 51.6% 14.0% 36.1%

WA 83.5% -27.3% 139.2% 14.8% 73.9%

WI 38.6% -14.2% 66.5% 10.4% 43.0%

WV 39.2% -5.8% 37.9% 8.9% 29.9%

WY 84.7% -9.6% 50.5% 8.9% 36.0%
State of the US Housing Market

Global Markets Analysis Report

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

Size of the US Residential Mortgage Market

2.2 Size and Value of the US Housing Market

The value of household equity has continued to trend upward into Q2 2021, with household equity up

approximately 21% from its 2019 average value, and 170% from its trough in 2011. This trend, which began as

the economy rebounded from the GEC, has driven the increase in total value of the US housing market, which is

up 83% from its trough in 2011. Mortgage debt outstanding has remained relatively flat, increasing from $11.0

trillion in Q1 2021 to $11.3 trillion in Q2 2021. The total value of the single-family housing market reached $34.9

trillion in Q2 2021. Agency MBS account for a growing percentage of the total mortgage debt outstanding, up to

66% of total mortgage debt which represents an increase of almost 2% from the prior quarter. 

Value of the US Housing Market

Source: Federal Reserve Flow of Funds Data. Notes: Data as of Q2 2021.

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

34.9

23.6

11.3

20002001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

2021Q12021Q2

$ Trillions

Debt

$8.01

$0.41 $0.39

$3.22 

9

8

7

6

5

4

3

2

1

0

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

Q1 2021Q2 2021

$ Trillions

Household equity

Private Label Securities

Total Value

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

Global Markets Analysis Report

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

2.3 Serious Delinquency Rates

Serious delinquency rates for single family GSE, FHA, and VA loans all fell sharply in Q2 2021. From Q1 to Q2 

2021, Fannie and Freddie dropped 50 and 48 bps, respectively, or 19% and 21%, respectively, as a percentage

change. Ginnie Mae collateral serious delinquency rates dropped more than the GSE rates in absolute terms,

with FHA and VA dropping 138 and 57 bps respectively. This drop is serious delinquency rates is consistent with

the decrease in the number of loans in forbearance captured in Section 2.4 below.

Sources: Fannie Mae and Freddie Mac Monthly Summary Reports, and MBA Delinquency Survey.

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q2 2021. Serious Delinquency Rates 12%

10%

8%

6%

4%

2%

0%

9.62%

5.02%

2.08%

1.86%

2Q054

Q05

2Q064

Q06

2Q074

Q07

2Q084

Q08

2Q094

Q09

2Q104

Q10

2Q114

Q11

2Q124

Q12

2Q134

Q13

2Q144

Q14

2Q154

Q15

2Q164

Q16

2Q174

Q17

2Q184

Q18

2Q194

Q19

2Q204

Q20

2Q21

FHA Fannie Mae Freddie Mac VA

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

Global Markets Analysis Report

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

2.4 Characteristics of Ginnie Mae Loans in Forbearance

A total of 221,190 Ginnie Mae loans were in forbearance as of the end of August 2021. This represents a 9% 

decrease MoM, continuing the trend of steep decline in forbearance observed between June and July. 6,426 of 

loans in forbearance were removed from pools and 214,764 still actively remain in pools. Most liquidated loans

(4,809) were FHA and within that subset, 2,088 of those loans were originated by nonbanks. 98% of the loans in

forbearance are due to COVID-19 circumstances, up slightly from 97% from the prior month. 

All Loans in Forbearance – August 2021

FICO Score* Note Rate* Current Principal Balance Median First Time Homebuyer Share (%) Purchase Share (%) Loan Count

Ginnie 659 3.7 $169,937.15 77.0 67.4 221,190 

Bank 672 4.0 $125,614.99 74.5 78.0 34,240 

Nonbank 657 3.7 $178,010.66 77.3 66.3 186,950 

FHA 654 3.8 $164,197.06 79.4 73.4 154,937 

Bank 665 4.1 $114,376.34 78.1 82.2 25,521 

Nonbank 653 3.8 $174,181.65 79.6 72.6 129,416 

VA 669 3.4 $220,235.91 65.5 47.1 47,303 

Bank 685 3.6 $187,392.00 65.5 68.5 7,027 

Nonbank 667 3.4 $225,506.76 65.5 44.1 40,276 

Loans in Forbearance and Removed from Pools – August 2021

FICO Score* Note Rate* Current Principal Balance Median First Time Homebuyer Share (%) Purchase Share (%) Loan Count

Ginnie 664 4.0 $147,796.78 74.3 70.5 6,426 

Bank 669 4.1 $120,315.12 79.2 79.9 3,464 

Nonbank 661 3.9 $178,975.98 70.5 64.6 2,962 

FHA 658 4.1 $139,857.51 76.4 77.2 4,809 

Bank 665 4.1 $113,417.15 81.2 84.3 2,721 

Nonbank 653 4.0 $170,601.77 72.5 72.3 2,088 

VA 676 3.7 $195,994.29 65.0 49.1 1,245 

Bank 678 3.9 $164,439.30 69.1 63.6 558 

Nonbank 675 3.6 $225,466.17 62.0 41.4 687 

Loans in Forbearance that Remain in Pools – August 2021

FICO Score* Note Rate* Current Principal Balance Median First Time Homebuyer Share (%) Purchase Share (%) Loan Count

Ginnie 659 3.7 $170,576.87 77.0 67.3 214,764 

Bank 673 4.0 $126,181.23 74.0 77.8 30,776 

Nonbank 657 3.7 $178,000.00 77.4 66.3 183,988 

FHA 654 3.8 $164,986.33 79.5 73.3 150,128 

Bank 665 4.1 $114,421.70 77.7 81.9 22,800 

Nonbank 653 3.8 $174,245.48 79.7 72.6 127,328 

VA 669 3.4 $220,825.73 65.5 47.1 46,058 

Bank 685 3.6 $189,374.54 65.2 68.9 6,469 

Nonbank 667 3.4 $225,506.77 65.5 44.1 39,589 

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 August 2021; *Averages weighted by remaining principal balance of the loans.
State of the US Housing Market

Global Markets Analysis Report

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

Number of Loans Removed from Pools: Bank Number of Loans Removed from Pools: Nonbank

The share of Ginnie Mae loans in forbearance continued to decline to a record low since the pandemic (2.0% in

August 2021). In part, due to banks buying out loans in forbearance more aggressively than nonbanks, the

forbearance rate for Ginnie Mae MBS issued by nonbanks (2.4%) continues to be higher than that of Ginnie Mae 

MBS issued by banks (1.1%). The total number of loans liquidated from pools increased slightly in August 2021 

from the previous month, but the proportion of loans in forbearance liquidated has decreased sharply, from

5.5% to 2.9%.

Sources: eMBS and Urban Institute. Data beginning May 2021 sourced from Ginnie Mae forbearance disclosure files and IOPP Peer Group list. Notes: Data

as of August 2021.

Sources: eMBS and Urban Institute. Data beginning June 2021 sourced from Ginnie Mae Loan Level MBS disclosure files and IOPP Peer Group list. Notes: 

Data as of August 2021.

14%

12%

10%

8%

6%

4%

2%

0%

6/1/20207/1/20208/1/20209/1/2020

10/1/202011/1/202012/1/2020

1/1/20212/1/20213/1/20214/1/20215/1/20216/1/20217/1/20218/1/2021

Bank Forbearance Nonbank Forbearance All Forbearance

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

Share of Ginnie Mae Loans in Forbearance

0

50000

100000

150000

200000

250000

1/1/20202/1/20203/1/20204/1/20205/1/20206/1/20207/1/20208/1/20209/1/2020

10/1/202011/1/202012/1/2020

1/1/20212/1/20213/1/20214/1/20215/1/20216/1/20217/1/20218/1/2021

Mortgagor Payoff Repurchase of Delinquent Loan Loss Mitigation

0

50000

100000

150000

200000

250000

300000

1/1/20202/1/20203/1/20204/1/20205/1/20206/1/20207/1/20208/1/20209/1/2020

10/1/202011/1/202012/1/2020

1/1/20212/1/20213/1/20214/1/20215/1/20216/1/20217/1/20218/1/2021

Mortgagor Payoff Repurchase of Delinquent Loan Loss Mitigation
State of the US Housing Market

Global Markets Analysis Report

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

Number of Loans Removed from Pools: FHA

Number of Loans Removed from Pools by Coupon

Number of Loans Removed from Pools: VA

Of the Ginnie Mae loans that were liquidated from pools due to mortgage delinquency, a higher share of the

loans were FHA versus VA loans (top charts, yellow areas). Liquidated loans across FHA and VA are also more

likely to have coupons greater than or equal to 3.5% (bottom charts). In August 2021, the number of loans

repurchased due to delinquency decreased 40% to 18,557 for FHA and 7% to 3,735 for VA loans (these counts

include all delinquent buyouts, regardless of forbearance status). The vast majority of loans removed from pools

for both FHA and VA continue to be payoffs triggered by the high refinance activity (blue areas).

Sources: eMBS and Urban Institute. Data beginning June 2021 sourced from Ginnie Mae Loan Level MBS disclosure files, Ginnie Mae Pool Level MBS

disclosure files and IOPP Peer Group list. Notes: Data as of August 2021.

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

0

50000

100000

150000

200000

250000

300000

1/1/20202/1/20203/1/20204/1/20205/1/20206/1/20207/1/20208/1/20209/1/2020

10/1/202011/1/202012/1/2020

1/1/20212/1/20213/1/20214/1/20215/1/20216/1/20217/1/20218/1/2021

Mortgagor Payoff Repurchase of Delinquent Loan Loss Mitigation

0

20000

40000

60000

80000

100000

120000

140000

160000

1/1/20202/1/20203/1/20204/1/20205/1/20206/1/20207/1/20208/1/20209/1/2020

10/1/202011/1/202012/1/2020

1/1/20212/1/20213/1/20214/1/20215/1/20216/1/20217/1/20218/1/2021

Mortgagor Payoff Repurchase of Delinquent Loan Loss Mitigation

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

1/1/20202/1/20203/1/20204/1/20205/1/20206/1/20207/1/20208/1/20209/1/2020

10/1/202011/1/202012/1/2020

1/1/20212/1/20213/1/20214/1/20215/1/20216/1/20217/1/20218/1/2021

<3.5 Mortgagor Payoff <3.5 Repurchase of Delinquent Loan <3.5 Loss Mitigation

0

50000

100000

150000

200000

250000

300000

350000

1/1/20202/1/20203/1/20204/1/20205/1/20206/1/20207/1/20208/1/20209/1/2020

10/1/202011/1/202012/1/2020

1/1/20212/1/20213/1/20214/1/20215/1/20216/1/20217/1/20218/1/2021

>=3.5 Mortgagor Payoff >=3.5 Repurchase of Delinquent Loan >=3.5 Loss Mitigation
State of the US Housing Market

Global Markets Analysis Report

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

2.5 Ginnie Mae Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 23% of new Agency issuance over the past year. The share of Ginnie 

Mae outstanding varies across states, with the highest Ginnie Mae share in Alaska (50%) and the lowest in the 

District of Columbia (11%). The difference between recent Ginnie Mae issuance share of Agency Issuance (23%)

and overall outstanding Ginnie Mae share (27%) is reflective of ebbs and flows in FHA and VA first lien 

origination market share, discussed in Section 2.8 below.

Agency Issuance (past 1 year) Agency Outstanding

National

GNMA 

Share

GNMA Loan 

Count

GNMA Avg. Loan 

Size (000)

GSE Avg. Loan 

Size (000) GNMA Share by UPB GNMA Loan Count

GNMA Avg. Loan Size

(000)

GSE Avg. Loan Size

(000)

23% 3,002,611 276.21 295.06 27% 10,692,753 185.00 214.69

AK 50% 10,827 330.78 288.96 41% 233,154 144.19 169.51

AL 36% 58,945 213.04 228.44 48% 36,904 250.46 215.20

AR 33% 31,091 175.06 206.88 26% 284,210 195.88 208.89

AZ 23% 103,349 274.75 273.17 40% 136,227 122.41 152.85

CA 15% 261,163 426.70 414.39 17% 691,180 305.49 311.88

CO 23% 86,920 358.78 338.21 24% 218,978 265.95 262.94

CT 21% 26,053 264.66 281.04 26% 103,941 192.31 204.38

DC 11% 2,887 494.52 465.65 33% 50,355 193.52 202.20

DE 28% 14,107 263.02 268.77 13% 8,742 356.98 347.62

FL 31% 262,652 268.90 262.82 33% 836,762 193.14 196.08

GA 30% 136,784 239.97 263.41 35% 495,790 163.73 193.41

HI 37% 14,844 585.02 459.91 31% 32,751 443.71 346.94

IA 18% 17,706 194.92 198.67 25% 67,750 190.63 206.05

ID 21% 20,910 286.44 273.48 22% 350,340 151.69 174.64

IL 17% 85,409 220.25 242.70 32% 281,425 123.37 143.29

IN 25% 65,810 187.68 197.38 22% 82,347 125.54 145.80

KS 24% 22,726 193.16 219.61 30% 97,688 131.56 157.55

KY 29% 40,175 195.21 204.91 35% 162,674 133.52 149.11

LA 34% 46,875 200.35 233.81 40% 190,121 149.87 173.24

MA 13% 35,060 360.62 356.99 27% 38,096 165.63 183.30

MD 31% 91,311 352.50 326.73 34% 284,876 253.06 243.34

ME 21% 10,507 217.18 248.77 16% 112,609 265.19 263.41

MI 16% 64,213 188.70 209.40 21% 278,192 124.30 151.08

MN 15% 40,217 253.19 255.93 19% 163,025 171.92 191.75

MO 23% 57,635 198.95 212.36 48% 117,426 133.21 154.98

MS 41% 25,490 199.78 211.12 30% 247,157 132.38 155.86

MT 21% 10,099 236.50 274.88 25% 33,978 192.74 203.41

NC 26% 117,675 237.74 259.96 27% 66,556 137.99 154.91

ND 23% 5,063 253.03 238.92 32% 132,869 227.07 219.30

NE 20% 14,936 197.35 208.54 24% 39,800 212.45 205.42

NH 20% 11,730 293.54 277.91 22% 227,054 225.77 247.85

NJ 17% 62,773 315.07 336.28 39% 95,057 155.48 169.63

NM 34% 23,161 231.80 234.43 21% 305,632 196.05 239.06

NV 30% 49,263 307.79 285.19 31% 419,332 161.17 189.59

NY 16% 53,127 314.21 340.50 23% 16,420 184.42 181.62

OH 23% 90,470 184.89 202.58 30% 422,621 122.05 142.93

OK 37% 40,304 200.22 211.27 44% 189,359 131.56 154.28

OR 19% 39,689 322.39 316.74 20% 113,955 233.99 239.90

PA 20% 83,113 212.46 246.18 27% 390,246 143.12 175.47

RI 24% 10,103 270.54 272.06 30% 34,796 214.54 205.21

SC 32% 69,160 237.75 244.73 35% 228,686 168.23 181.61

SD 25% 8,094 229.06 223.30 30% 29,455 160.54 171.09

TN 28% 73,446 241.84 255.59 34% 279,335 159.55 190.26

TX 29% 279,626 252.93 270.66 33% 1,066,541 167.62 197.63

UT 17% 36,693 322.70 310.89 20% 102,527 231.54 246.21

VA 34% 145,462 348.40 332.96 19% 12,234 173.71 173.26

VT 18% 3,156 238.18 248.06 37% 436,641 243.62 244.92

WA 20% 86,833 366.95 367.61 22% 240,576 261.31 275.72

WI 15% 33,128 211.97 217.01 44% 56,679 136.45 140.04

WV 39% 13,650 196.77 197.33 17% 124,407 147.09 158.40

WY 33% 8,191 258.40 252.00 36% 25,277 195.24 194.66

Sources: eMBS, Ginnie Mae/Freddie Mac/Fannie Mae Loan Level MBS Disclosure Files. Notes: Outstanding balance is based on loan balance as of August

2021. Ginnie Mae issuance is based on the last 12 months, from September 2020 to August 2021.
State of the US Housing Market

Global Markets Analysis Report

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

Outstanding Agency Mortgage‐Backed Securities

2.6 Outstanding Single Family Agency MBS 

As of August 2021, according to the Agency MBS disclosure files, outstanding single family securities in the

Agency market totaled $7.46 trillion: 40.2% Fannie Mae, 33.2% Freddie Mac, and 26.6% Ginnie Mae MBS. Within

the Ginnie Mae market, the composition of issuance has shifted in the past ten years, as FHA-insured single 

family loans as a percentage of MBS collateral have declined and the VA-guaranteed loan share has increased 

significantly. In August 2011, close to 77% of Ginnie Mae outstanding collateral was FHA and under 20% was VA.

In August 2021, FHA collateral comprised 53% of Ginnie Mae MBS outstanding and VA collateral comprised 41% 

of Ginnie Mae MBS outstanding.

Sources: Data beginning in May 21 is based on outstanding balances in the Ginnie Mae/Freddie Mac/Fannie Mae Loan Level MBS Disclosure Files. Note: 

Data as of August 2021. Beginning with the October 2021 GMAR, the Fannie Mae and Freddie Mac data within the Outstanding Agency MBS graph have

been updated to reflect the Current UPB of the portfolio. July 2021 through September 2021 GMAR reflect the UPB at Security issuance for Fannie Mae and 

Freddie Mac for data from May 2021 through July 2021.

$1,400

$1,200

$1,000

$800

$600

$400

$200

$-

$1,061

$817

$113

Aug-00Aug-01Aug-02Aug-03Aug-04Aug-05Aug-06Aug-07Aug-08Aug-09Aug-10Aug-11Aug-12Aug-13Aug-14Aug-15Aug-16Aug-17Aug-18Aug-19Aug-20Aug-21

$ in Billions

FHA

Freddie Mac

VA

Ginnie Mae

Other

Composition of Outstanding Ginnie Mae Mortgage‐Backed Securities

$ in billions $9,000

$8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

$0

$7,485

$3,009

$2,485

$1,992

Aug-00Aug-01Aug-02Aug-03Aug-04Aug-05Aug-06Aug-07Aug-08Aug-09Aug-10Aug-11Aug-12Aug-13Aug-14Aug-15Aug-16Aug-17Aug-18Aug-19Aug-20Aug-21

Fannie Mae Total
State of the US Housing Market

Global Markets Analysis Report

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

Outstanding Ginnie Balance, by Coupon

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

As of August 2021, the weighted average coupon on outstanding Ginnie Mae pools was 3.01%, down 2 bps

since July. The share of outstanding MBS pools with coupons below 3.0% (44% as of August 2021) has grown

since 2020 due to low interest rates and attendant refinance opportunities. The bottom chart illustrates that 

loans originated since 2014 comprise almost 90% of Ginnie MBS collateral outstanding, with loans originated 

since 2019 accounting for 65% of Ginnie MBS collateral outstanding.

Sources: Ginnie Mae Pool Level MBS Disclosure Files. Note: August 2021 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.

Outstanding Ginnie Balance, by Vintage

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

May-15

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Pre-2008 2008-2013 2014-2018 2019-Present

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

4.00%

3.80%

3.60%

3.40%

3.20%

3.00%

2.80%

May-15

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Avg Coupon

<3.0 3.0-3.49 3.5-4.0 >4.0 Average Coupon
State of the US Housing Market

Global Markets Analysis Report

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

2.8 Origination Volume and Share Over Time

Strong origination volume trends have continued in the first half of 2021, with $2.54 trillion in originations,

which outpaces Q1-Q2 2020 issuance by approximately 51%. Securitized first lien originations, comprised of GSE,

Ginnie Mae, and Private Label securitizations, have increased from an 18-year low of 66% of total first lien 

originations in 2019 to 75% in Q2 2021. This overall increase in the share of securitized loans has happened

despite a decrease in the share of securitization of Ginnie Mae collateral from approximately 20% of total first

lien origination to under 16% in Q2 2021. GSE securitized first lien debt accounts for much of the increase in the 

share of securitized first lien originations since 2019, having increased from 44% in 2019 to 58% in Q2 2021.

First Lien Origination Volume & Share

Source: Inside Mortgage Finance. Note: Data as of Q2 2021.

$4.5

$4.0

$3.5

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0

$0.30

$0.02 

$0.19 

$0.71

$ trillions GSE securitization FHA/VA securitization PLS securitization Portfolio

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

24.6%

1.9%

15.5%

58.0%

100%
US Agency Market, Originations

Global Markets Analysis Report

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

3.0 US Agency Market, Originations

In August, Agency gross issuance increased 13% MoM, despite a 3% decline in gross Ginnie Mae Issuance. Gross 

issuance increased approximately 19% for the GSEs in August, offsetting the 3% slowdown in Ginnie Mae

issuance. Agency net issuance was approximately $77.4 billion, which represents a 33% increase over the prior

month, driven almost entirely by GSE increases. Ginnie Mae gross issuance through August outpaces that of the

first eight months of 2020, $588.0 billion to $480.9 billion. This is despite a decrease in Ginnie Mae net issuance 

to below zero in 2021. Ginnie Mae net issuance from January through August 2020 fell from $22.0 billion down

to $-11.1 billion over the same period in 2021. As noted in Section 2.6, VA production continues to outpace FHA.

Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $202.8 $157.9 $360.6 $102.2 $462.8

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 YTD $993.4 $870.5 $1,863.8 $588.0 $2,451.8

Ginnie Mae Gross Issuance ($ in billions)

Issuance Year FHA VA Other Total

2000 $80.2 $18.8 $3.2 $102.2

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 YTD $261.7 $308.9 $17.5 $588.0
US Agency Market, Originations

Global Markets Analysis Report

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

Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 YTD $260.6 $336.1 $596.7 -$11.1 $585.6

Ginnie Mae Net Issuance ($ 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 YTD -$59.3 $52.8 -$4.6 -$11.1
US Agency Market, Originations

Global Markets Analysis Report

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

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

Jan-17 $55.6 $38.5 $42.6 $94.1 $136.6 $8.5 $10.7 $10.3 $19.2 $29.5

Feb-17 $37.6 $27.4 $33.1 $65.0 $98.1 $2.5 $6.5 $9.4 $9.0 $18.5

Mar-17 $39.5 $24.4 $31.3 $63.9 $95.2 $9.7 $6.2 $9.7 $15.9 $25.6

Apr-17 $39.3 $21.2 $36.4 $60.6 $97.0 $3.3 $0.4 $11.7 $3.7 $15.4

May-17 $40.3 $22.6 $36.4 $62.9 $99.3 $7.7 $2.7 $13.3 $10.4 $23.8

Jun-17 $45.7 $25.1 $39.9 $70.8 $110.7 $7.9 $2.4 $13.3 $10.3 $23.5

Jul-17 $45.3 $27.6 $40.6 $72.9 $113.5 $5.6 $3.5 $12.3 $9.2 $21.5

Aug-17 $49.1 $29.3 $42.8 $78.4 $121.1 $12.0 $6.7 $15.4 $18.7 $34.1

Sep-17 $47.3 $27.9 $40.2 $75.3 $115.5 $7.7 $3.8 $10.6 $11.4 $22.0

Oct-17 $42.9 $34.6 $38.4 $77.6 $115.9 $5.5 $12.5 $11.0 $17.9 $28.9

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 August 2021. 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 September

2021 GMAR net issuance data reflect the UPB at security issuance for Fannie Mae and Freddie Mac for data from May 2021 through July 2021.
US Agency Market, Originations

Global Markets Analysis Report

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

The FHA refinance share stood at 33% in August 2021, below the 63% share for Fannie, the 53% refi share for 

Freddie originations, and the 52% share for the VA. The total Ginnie refinance share stood at 42% in August. 

Refinances as a share of all originations rebounded to 55% in August after having dropped from 57% to 51% 

from June to July. This interrupts the trend of refinances representing a decreasing proportion of overall 

issuance since recent refinance peaks in early 2021 and mid-2020.

Percent Refi at Issuance

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: Data as of August

2021.

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

63%

53%

52%

42%

33%

4/1/20138/1/2013

12/1/2013

4/1/20148/1/2014

12/1/2014

4/1/20158/1/2015

12/1/2015

4/1/20168/1/2016

12/1/2016

4/1/20178/1/2017

12/1/2017

4/1/20188/1/2018

12/1/2018

4/1/20198/1/2019

12/1/2019

4/1/20208/1/2020

12/1/2020

4/1/20218/1/2021

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

GSEs

Global Markets Analysis Report

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

4.0 High LTV Loans: Ginnie Mae vs. GSEs

The share of high-LTV Agency loans going to borrowers with FICO scores above 750 has increased by 4% from Q3

2019 to Q3 2021. The share of borrowers with DTIs below 35% has decreased by approximately 2% over the

same period. The share of high-LTV loans decreased in both Ginnie Mae and GSEs portfolio by approximately 3% 

and 28%, respectively, from Q3 2019 to Q3 2021. 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 62.63% of its

issuances in Q3 2021 having LTVs of 95 or above, compared to 4.74% for the GSEs. Notably, the percent of GSE 

issuances with LTVs of 95 or above dropped from 9.53% during the period of June 2021 to August 2021 to 4.74%

during the period of July 2021 to September 2021.

Share of Loans with LTV > 95

Ginnie Mae GSE All

July 2019 - Sept 2019 64.60% 6.61% 26.68%

July 2021 - Sept 2021 62.63% 4.74% 21.53%

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

July – Sept 2021

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 4.36% 6.00% 3.17% 5.12% 1.17% 19.83%

35‐45 6.45% 8.51% 3.87% 3.96% 0.24% 23.02%

≥45 5.14% 7.88% 3.70% 3.13% 0.16% 20.01%

NA 5.05% 6.66% 4.34% 7.17% 13.93% 37.15%

All 21.00% 29.06% 15.08% 19.38% 15.49% 100.00%

July ‐ Sept 2019

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 4.47% 6.16% 3.39% 4.96% 1.30% 20.22%

35‐45 6.65% 8.71% 4.26% 4.30% 0.20% 24.05%

≥45 5.26% 8.02% 4.05% 3.46% 0.13% 20.82%

NA 5.52% 7.09% 4.27% 5.91% 11.90% 34.91%

All 21.90% 29.97% 15.98% 18.62% 13.52% 100.00%

Sources: eMBS, Recursion and Ginnie Mae. Data as of September 2021.
Holders of Ginnie Mae Mortgage 

Servicing Rights

Global Markets Analysis Report

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

5.0 Holders of Ginnie Mae Mortgage Servicing Rights

This table shows the 30 largest owners of mortgage servicing rights (MSR) by UPB for Ginnie Mae MBS. The top 

30 firms collectively own 81.99% 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 September 2021, over half (51.2%)

of the Ginnie Mae MSRs are owned by the top six firms.

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

Rank MSR Holder UPB ($ millions) Share Cumulative Share

1 Freedom Home Mortgage $262,291 13.54% 13.54%

2 PennyMac $215,411 11.12% 24.67%

3 Lakeview $201,409 10.40% 35.07%

4 Wells Fargo $129,892 6.71% 41.77%

5 Rocket Mortgage $95,964 4.96% 46.73%

6 Nationstar $87,339 4.51% 51.24%

7 Newrez $58,668 3.03% 54.27%

8 US Bank $47,624 2.46% 56.73%

9 Caliber Home Loans $47,104 2.43% 59.16%

10 Carrington Mortgage $44,470 2.30% 61.46%

11 United Wholesale Mortgage $38,656 2.00% 63.45%

12 USAA Federal Savings Bank $34,345 1.77% 65.22%

13 Loan Depot $31,470 1.62% 66.85%

14 Navy Federal Credit Union $28,463 1.47% 68.32%

15 Mortgage Research Center $28,409 1.47% 69.79%

16 Planet Home Lending $26,439 1.37% 71.15%

17 Truist Bank $23,053 1.19% 72.34%

18 The Money Source $21,626 1.12% 73.46%

19 Guild Mortgage $20,177 1.04% 74.50%

20 Home Point Financial Corporation $16,881 0.87% 75.37%

21 Crosscountry Mortgage $14,355 0.74% 76.11%

22 Midfirst Bank $14,301 0.74% 76.85%

23 New American Funding $14,296 0.74% 77.59%

24 Village Capital $13,499 0.70% 78.29%

25 Citizens Bank $12,836 0.66% 78.95%

26 Idaho Housing and Finance Association $12,418 0.64% 79.59%

27 JP Morgan Chase $12,201 0.63% 80.22%

28 PHH Mortgage Corporation $11,904 0.61% 80.84%

29 CMG Mortgage, INC $11,614 0.60% 81.44%

30 Rushmore Loan Management $10,729 0.55% 81.99%

Source: Deloitte and Ginnie Mae. Data as of September 2021.
Agency Nonbank Originators

Global Markets Analysis Report

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

6.0 Agency Nonbank Originators

Total Agency nonbank origination experienced its second consecutive month of decline, down approximately 3%

from July 2021. This decline in nonbank origination share was driven primarily by Freddie Mac (nonbank 

origination share down 3% MoM). The Ginnie Mae nonbank share has been consistently higher than the GSEs,

at 88.5% in August 2021. Ginnie Mae nonbank origination share of refinance mortgage loans has continued to

drive Ginnie Mae’s relatively higher nonbank origination share. GSE origination volume of purchase mortgage 

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

6.1 Agency Nonbank Originator Share (All, Purchase, Refi)

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: Data as of August

2021.

77.3%

70.0%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

88.5%

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Fannie

100%

80%

60%

40%

20%

0%

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Freddie

All

Ginnie

Fannie Freddie Ginnie

100%

80%

60%

40%

20%

0%

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Fannie Freddie Ginnie

Nonbank Origination Share: Purchase Loans Nonbank Origination Share: Refi Loans

76.8%
Agency Nonbank Originators

Global Markets Analysis Report

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

Ginnie Mae’s total nonbank originator share declined for the second consecutive month, down approximately

0.4% MoM. This drop in Ginnie Mae nonbank origination share was driven primarily by VA and PIH- and RDinsured (“Other”) origination, while FHA-insured loans increased nonbank origination share in August. In August

2021 there was a slight decline in nonbank origination share for refi loans and a slight increase for purchase

loans. The decline in nonbank origination share for refi loans was primarily driven by Other loans, with an

approximately 4% decline MoM.

6.2 Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: “Other" refers to

loans guaranteed by HUD's Office of Public and Indian Housing and the Department of Agriculture's Rural Development. Data as of August 2021.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

91.4%

88.5%

85.9%

85.9%

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

FHA VA

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Other

All

All

FHA VA Other

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All FHA VA Other

Ginnie Mae Nonbank Share: Purchase Loans Ginnie Mae Nonbank Share: Refi Loans
Agency Nonbank Originators

Global Markets Analysis Report

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

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

The mortgage loan originations of nonbanks continue to have consistently lower median FICO score than their

bank counterparts across all Agencies. The spread between nonbank and bank FICO scores grew by 2 points

from July 2021 to August 2021.The Agency median FICO remained flat at 745 MoM.

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: Data as of August

2021.

Agency FICO: Bank vs. Nonbank

GSE FICO: Bank vs. Nonbank Ginnie Mae FICO: Bank vs. Nonbank

780

760

740

720

700

680

660

640

759

745

740

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

FICO All Median FICO Bank Median FICO Nonbank Median FICO

780

760

740

720

700

680

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Median FICO Bank Median FICO

Nonbank Median FICO

780

760

740

720

700

680

660

640

620

600

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Median FICO Bank Median FICO

Nonbank Median FICO
Agency Nonbank Originators

Global Markets Analysis Report

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

The median LTV for GSE bank and nonbank originators declined in August 2021 for the first time since February

2021. Ginnie Mae median LTV also had a slight MoM decline. The decline in the GSEs’ median LTV in August is

attributable to the high volume of refis in the GSE space (see Section 3.0). Ginnie Mae median DTI experienced a

slight MoM uptick in August 2021, driven by nonbank originations.

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: Data as of August

2021.

GSE LTV: Bank vs Nonbank Ginnie Mae LTV: Bank vs. Nonbank

GSE DTI: Bank vs Nonbank Ginnie Mae DTI: Bank vs. Nonbank

85

80

75

70

65

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Median LTV Bank Median LTV

Nonbank Median LTV

100

98

96

94

92

90

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Median LTV Bank Median LTV

Nonbank Median LTV

46

44

42

40

38

36

34

32

30

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Median DTI Bank Median DTI

Nonbank Median DTI
Agency Nonbank Originators

Global Markets Analysis Report

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

August 2021 marked the sixth consecutive month of decline in the median FICO score for Ginnie Mae bank and

nonbank originators. The median FICO for all Ginnie originations dropping to 678. The gap between banks and

non-banks continues is most apparent in VA lending (34 point spread). 

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: "Other" refers to

loans guaranteed by HUD's Office of Public and Indian Housing and the Department of Agriculture's Rural Development. Data as of August 2021.

Ginnie Mae FICO Score: Bank vs. Nonbank Ginnie Mae FHA FICO Score: Bank vs. Nonbank

Ginnie Mae VA FICO Score: Bank vs. Nonbank Ginnie Mae Other FICO Score: Bank vs. Nonbank

740

720

700

680

660

640

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Median FICO Bank Median FICO

Nonbank Median FICO

740

720

700

680

660

640

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

770

750

730

710

690

670

650

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

740

720

700

680

660

640

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO
Agency Nonbank Originators

Global Markets Analysis Report

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

Median DTI for Ginnie Mae nonbank originations has been consistently higher than 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: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: “Other" refers to

loans insured by HUD's Office of Public and Indian Housing and the Department of Agriculture's Rural Development. Data as of August 2021.

Ginnie Mae DTI: Bank vs. Nonbank Ginnie Mae FHA DTI: Bank vs. Nonbank

Ginnie Mae VA DTI: Bank vs. Nonbank Ginnie Mae Other DTI: Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

FHA All Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

VA All Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Other All Median DTI Other Bank Median DTI

Other Nonbank Median DTI
Market Conditions

Global Markets Analysis Report

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

7.0 Fixed Income Market Conditions

Agency MBS average daily trading volume was $292 billion from January 2021 to August 2021. August 2021 was

the lowest month of Agency MBS trading volume since June 2020. Agency MBS turnover in 2021 is 8 basis points 

lower than its 2020 average, at 2.87%. 2021 YTD Agency MBS turnover and US Treasury turnover are both

2.87%. Corporates turnover remains minimal relative to either Agency MBS or Treasury turnover.

7.1 Average Daily Trading Volume and Turnover by Sector

Source: SIFMA. Note: Data as of August 2021.

14%

12%

10%

8%

6%

4%

2%

0%

2.87%

2.87%

0.39%

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

Agency MBS Turnover Treasury Turnover Corporates Turnover

Average Daily Trading Volume by Sector

Average Daily Turnover by Sector

$292 

$616 

$39 

$ Billions $700

$600

$500

$400

$300

$200

$100

$0

20022003200420052006200720082009201020112012201320142015201620172018201920202021

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

Global Markets Analysis Report

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

8.0 Prepayments

In August 2021, Ginnie Mae fixed rate prepayment speeds remained relatively static, at 31.2 CPR. Ginnie Mae

30-year buyout rates improved significantly month over month, dropping 32% and 13% in their Conditional

Buyout Rate (CBR) for Ginnie Mae I and Ginnie Mae II, respectively. Voluntary prepayment increases offset

buyout decreases by similar magnitude.

5 After a substantial decrease in July 2021, Fannie Mae and Freddie Mac

fixed rate prepayment speeds went up by 11% and 13%, respectively. This is the first month that termination of

the FHFA refinance fee come into effect for conventional buyers.

ARM MBS prepayments for both Fannie Mae and Ginnie Mae posted marginal changes, down by 1% and 2%,

respectively, while the rate went up by 3% in the Freddie Mac space.

8.1 Aggregate Prepayments

Source: eMBS; Note: Data as of August 2021.

5 Ahlgren R and Hong P (2021, September 8). US Structured Products Trading Desk Strategy | RMBS Strategy | Speeds Slower Than Forecast as Originators

Shift Focus, pp. 1.

60

50

40

30

20

10

0

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 33.5

33.2

30.6

Constant Prepayment Rate (%)

ARM Aggregate Prepayments

Fannie Mae

Freddie Mac

Freddie Mac Ginnie Mae

60

50

40

30

20

10

0

31.2

23.9

22.7

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

Constant Prepayment Rate (%)

Fixed Rate Aggregate Prepayments

Fannie Mae Ginnie Mae
Prepayments

Global Markets Analysis Report

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

30-year fixed rate MBS with 2-2.5% coupons accounts for 42% of Agency remaining principal balance. 

Production of these Agency MBS ramped up in 2019. In August 2021, GSE prepayment speeds increased by 43% 

and 27% on average in the 2% and 2.5% coupon cohorts, respectively. Ginnie Mae prepayment speeds increase

by a smaller amount, 29% and 8% in those coupon cohorts, respectively.

Source: eMBS. Note: Data as of August 2021. Freddie prepayment data is aggregated from 55-day UMBS and 45-day Gold PC, weighted average by August

2021 remaining principal balance.

60

50

40

30

20

10

0

Jul-19

Aug-19

Sep-19

Oct-19

Nov-19

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21 29.6

21.4

21.1

Constant Prepayment Rate (%)

All Agency 2.5% Coupon CPR

Fannie Mae 30YR 2.5% Fixed Rate Freddie Mac 30YR 2.5% Fixed Rate Ginnie Mae II 30YR 2.5% Fixed Rate

60

50

40

30

20

10

0

12.0

11.6

12.1

Constant Prepayment Rate (%)

All Agency 2% Coupon CPR

Fannie Mae 30YR 2% Fixed Rate Freddie Mac 30YR 2% Fixed Rate Ginnie Mae II 30YR 2% Fixed Rate
Prepayments

Global Markets Analysis Report

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

30-year fixed rate MBS with 3-4% coupons accounts for 31% of Agency remaining principal balance. Of the 3-4% 

coupon cohorts, Ginnie Mae prepayment speeds are substantially higher than the GSEs. Prepayment differential

is the most evident in the 4% coupon cohorts where the difference widened by 7.6 CPR in August.

Source: eMBS. Note: Data as of August 2021. Freddie prepayment data is aggregated from 55-day UMBS and 45-day Gold PC, weighted average by August

2021 remaining principal balance.

60

50

40

30

20

10

0

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

39.6

33.5

32.9

Constand Prepayment Rate (%)

All Agency 3% Coupon CPR

Fannie Mae 30YR 3% Fixed Rate Freddie Mac 30YR 3% Fixed Rate Ginnie Mae II 30YR 3% Fixed Rate

60

50

40

30

20

10

0

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

42.7

35.8

35.7

Constant Prepayment Rate (%)

All Agency 3.5% Coupon CPR

Fannie Mae 30YR 3.5% Fixed Rate Freddie Mac 30YR 3.5% Fixed Rate Ginnie Mae II 30YR 3.5% Fixed Rate
Prepayments

Global Markets Analysis Report

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

Source: eMBS. Note: Data as of August 2021. Freddie prepayment data is aggregated from 55-day UMBS and 45-day Gold PC, weighted average by August

2021 remaining principal balance.

60

50

40

30

20

10

0

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 44.1

36.5

36.4

Constant Prepayment Rate (%)

All Agency 4% Coupon CPR

Fannie Mae 30YR 4% Fixed Rate Freddie Mac 30YR 4% Fixed Rate Ginnie Mae II 30YR 4% Fixed Rate
MBS Ownership

Global Markets Analysis Report

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

9.0 MBS Ownership

As of Q2 2021, the largest holders of Agency debt (Agency MBS + Agency notes and bonds) included commercial 

banks (26%), the Federal Reserve (23%), and foreign investors (11%). The Federal Reserve’s share increased to

23% in the second quarter of 2021, the highest it’s been since 2015. Despite large Federal Reserve purchases,

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

the end of August 2021, $2.1 trillion was held by the top 25 domestic banks.

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

and nonprofits. Data as of Q2 2021.

9.1 Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Aug‐20 Feb‐21 Mar‐21 Apr‐21 May‐21 Jun‐21 Jul‐21 Aug‐21 1‐Sep 8‐Sep 15‐Sep 22‐Sep

Largest 25 Domestic 

Banks 1,768.2 1,988.7 2,017.5 2,040.5 2,071.2 2,082.3 2,102.6 2,120.7 2,125.8 2,110.5 2,122.2 2,128.8

Small Domestic 

Banks 523.1 604.6 621.8 638.5 659.4 671.0 682.8 695.4 702.5 705.3 712.4 713.8

Foreign Related 

Banks 42.7 51.4 51.6 50.8 48.8 46.9 47.3 48.4 51.3 50.8 47.2 46.9

Total, Seasonally 

Adjusted 2,334.0 2,644.7 2,690.9 2,729.8 2,779.4 2,800.2 2,832.7 2,864.5 2,879.6 2,866.6 2,881.8 2,889.5

Source: Federal Reserve Bank. Note: Small domestic banks include all domestically chartered commercial banks not included in the top 20. Data as of

September 2021.

Who Owns Total Agency Debt?
MBS Ownership

Global Markets Analysis Report

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

9.2 Bank and Thrift Residential MBS Holdings

In Q2 2021, MBS holdings at banks and thrifts increased for the eleventh consecutive quarter. The increase was

driven by both GSE pass-throughs and Private CMO holdings, with the increase in GSE pass-throughs making the 

larger contribution. Total bank and thrift MBS holdings increased by 3% from Q1 2021. Out of the $2.8 trillion in

MBS holdings at banks and thrifts as of Q2 2021, $2.2 trillion were Agency pass-throughs. $1.8 trillion were GSE

pass-throughs and $353 billion were Ginnie Mae pass-throughs. Another $555 billion were Agency CMOs, while

non-Agency holdings totaled $48 billion.

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

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

2000 683.90 234.01 84.26 21.57 198.04 71.43 470.47 212.65 

2001 810.50 270.59 109.53 37.62 236.91 76.18 606.91 203.37 

2002 912.36 376.11 101.46 20.08 244.98 89.88 702.44 209.66 

2003 982.08 461.72 75.11 19.40 236.81 106.86 775.66 206.45 

2004 1,113.89 572.40 49.33 20.55 208.18 160.55 879.75 234.31 

2005 1,033.77 566.81 35.92 29.09 190.70 211.25 897.06 242.69 

2006 1,124.46 628.52 31.13 42.32 179.21 243.28 983.49 223.42 

2007 1,149.10 559.75 31.58 26.26 174.27 357.24 971.42 264.59 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

1Q21‐2Q21 3% 7% ‐6% ‐2% 0% 2% 3% 3%

2Q20‐2Q21 27% 49% ‐20% ‐5% 16% 2% 25% 41%

Source: Inside Mortgage Finance. Notes: Data as of Q2 2021.

Bank and Thrift Residential MBS Holdings
MBS Ownership

Global Markets Analysis Report

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

Top Bank & Thrift 

Residential MBS 

Investors ($ in 

millions)

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

1 Bank of America 

Corporation 611,942.0 510,382.0 89,844.0 11,484.0 232.0 22%

2 Wells Fargo & Company 277,627.0 206,837.0 65,204.0 5,170.0 416.0 10%

3 Charles Schwab Bank 180,800.0 91,697.0 10,560.0 78,543.0 - 7%

4 JPMorgan Chase & Co. 170,868.0 97,339.0 59,649.0 135.0 13,745.0 6%

5 Truist Bank 124,588.0 53,308.0 11,609.0 59,164.0 507.0 5%

6 U.S. Bancorp 120,203.0 84,365.2 21,545.5 14,291.9 0.4 4%

7 Citigroup Inc. 96,396.0 89,447.0 1,784.0 4,004.0 1,161.0 4%

8 Capital One Financial 

Corporation 77,750.4 45,284.1 9,903.8 22,018.6 543.9 3%

9 PNC Bank, National 

Corporation 57,478.7 48,260.8 6,794.5 1,100.7 1,322.7 2%

10 Bank of New York 

Mellon Corp 56,473.0 42,325.0 2,415.0 9,203.0 2,530.0 2%

11 Silicon Valley Bank 54,124.3 45,380.0 2,797.2 5,947.1 - 2%

12 USAA Federal Savings 

Bank 45,810.4 39,747.6 1,985.5 4,077.4 - 2%

13 State Street Bank and 

Trust Company 41,711.7 17,771.0 4,976.0 16,559.7 2,405.0 2%

14 E*Trade Bank 34,917.2 27,426.9 5,270.2 2,220.1 - 1%

15 Morgan Stanley 32,548.0 21,163.0 3,910.0 7,475.0 - 1%

16 The Huntington National 

Bank 24,589.1 16,904.6 2,600.0 4,942.2 142.2 1%

17 Ally Bank 24,144.0 18,093.0 868.0 2,297.0 2,886.0 1%

18 HSBC Bank USA, National 

Association 23,563.2 7,776.0 7,591.4 8,194.3 1.6 1%

19 TD Bank USA/TD Bank 

NA 23,494.6 1,379.5 122.8 21,895.8 96.4 1%

20 BMO Harris Bank 

National Association 23,258.0 4,410.4 391.7 18,450.3 5.6 1%

Total Top 20 2,102,286.60 1,469,297.1 309,821.6 297,173.1 25,994.8 76%

Source: Inside Mortgage Finance. Notes: Data as of Q2 2021.

Bank and Thrift Residential MBS Holdings
MBS Ownership

Global Markets Analysis Report

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

9.3 Foreign Ownership of MBS

For the month of July 2021, foreign ownership of MBS represents $1.21 trillion in Agency MBS, which includes

$575 billion held by foreign private institutions and $637 billion held by foreign official institutions. This is the

highest volume of foreign holdings of Agency MBS since April 2020 and the highest share since January 2021.

Sources: Treasury International Capital (TIC). 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 July 2021.

1,400

1,200

1,000

$ Billio

ns 800

600

400

200

0

1,212

637 

575 

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

Total Agency MBS Held by Foreigners Foreign Official MBS

18.0%

17.0%

16.0%

15.0%

14.0%

13.0%

12.0%

11.0%

10.0%

15.12%

Jul-1

4

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

Percent of Agency MBS Owned 

by Foreigners

Foreign Private MBS

Foreign Share of Agency MBS Market

Monthly Foreign MBS Holdings

Foreign Share of MBS
MBS Ownership

Global Markets Analysis Report

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

9.4 Foreign Ownership of Agency Debt and Agency MBS

The largest non-US holders of Agency MBS are in Japan, Taiwan, and China. These three own 70% of all US MBS

held by investors outside of the United States. Between June 2020 and June 2021, these top three have

decreased their Agency MBS holdings by over $4.6 billion. Japan has decreased their holdings by $1.4 billion,

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

All Agency Debt

Country

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

9/1/2020 12/1/2020 3/1/2021 6/1/2021 Q4 2020 Q1 2021 Q2 2021

Japan 305,064 308,033 319,771 311,375 2,969 11,738 -8,396

Taiwan 264,270 262,453 253,036 250,081 -1,817 -9,417 -2,955

China 206,861 212,317 200,972 217,842 5,456 -11,345 16,870

Luxembourg 35,626 36,223 34,371 35,497 597 -1,852 1,126

Ireland 28,286 31,064 26,965 21,453 2,778 -4,099 -5,512

South Korea 40,303 42,628 43,032 43,201 2,325 404 169

Cayman Islands 34,495 34,264 37,111 36,027 -231 2,847 -1,084

Bermuda 35,751 27,988 26,443 23,806 -7,763 -1,545 -2,637

Netherlands 10,964 12,344 13,049 12,544 1,380 705 -505

Malaysia 19,808 19,147 19,047 19,089 -661 -100 42

Other 190,175 197,462 173,905 166,009 7,287 -23,557 -7,896

Total 1,171,603 1,183,923 1,147,702 1,136,924 12,320 ‐36,221 ‐10,778

Agency MBS

Country

Level of Holdings ($ Millions)

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

Japan 306,963 305,580 -1,383

Taiwan 267,700 267,492 -208

China 235,078 232,076 -3,002

Luxembourg 40,207 34,255 -5,952

Ireland 21,091 25,336 4,245

South Korea 28,743 34,313 5,570

Cayman Islands 28,431 29,682 1,251

Bermuda 25,111 24,245 -866

Netherlands 12,739 13,351 612

Malaysia 20,028 19,949 -79

Other 173,716 170,062 -3,654

Total 1,159,809 1,156,341 ‐3,468

Sources: Treasury International Capital (TIC). Notes: Level of Agency debt Holdings by month data as of Q2 2021. Agency MBS as of June 2021. Revised to 

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

Global Markets Analysis Report

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

9.5 Federal Reserve Absorption of Agency MBS

The Fed purchased $102.1 billion in August 2021 (36.1% of monthly gross issuance) which was a slight increase

from the $98.16 billion purchased in July 2021 (39.1% of monthly gross issuance). Fed purchases of Ginnie Mae 

MBS increased MoM, with $21.7 billion (32.1% of gross Ginnie Mae Issuance) compared to $19.5 billion in Fed 

purchases (27.8% of gross Ginnie Mae issuance) in July 2021. In their most recent press release on September 

22, 2021, the FOMC indicated that moderation in the pace of asset purchases may soon be warranted (see 

Global Market Analysis Report Highlights).

Sources: eMBS, Federal Reserve Bank of New York and https://fred.stlouisfed.org/series/WSHOMCB.Notes: Data as of August 2021.

Total Fed Absorption

Fed Absorption of GSE MBS Fed Absorption of Ginnie Mae MBS

$ billions 400

350

300

250

200

150

100

50

0

Aug-13

Dec-13

Apr-1

4

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Total Gross Issuance Total Fed Purchases

80

60

40

20

0

100

$ billions

Aug-13

Dec-13 Apr-1

4

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15 Apr-16

Aug-16

Dec-16 Apr-17

Aug-17

Dec-17 Apr-18

Aug-18

Dec-18 Apr-19

Aug-19

Dec-19 Apr-20

Aug-20

Dec-20 Apr-21

Aug-21

Gross Issuance

$ billions 350

300

250

200

150

100

50

0

Aug-13

Dec-13 Apr-1

4

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15 Apr-16

Aug-16

Dec-16 Apr-17

Aug-17

Dec-17 Apr-18

Aug-18

Dec-18 Apr-19

Aug-19

Dec-19 Apr-20

Aug-20

Dec-20 Apr-21

Aug-21

Gross Issuance Total Fed Purchases Total Fed Purchases
Disclosure

Global Markets Analysis Report

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

Disclosure: 

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

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

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

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

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

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

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

(hereinafter, “Ginnie Mae”).

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

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

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

the report.

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

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

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

circumstances upon which such statement is based.

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

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

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