September 2023
GLOBAL MARKETS ANALYSIS REPORT

September 2023

....................................................................................................

............................................................

.........................................................

...........................................................................

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

................................

...............................................................................

...............................................................................

5

...........

1.1 Bloomberg US Aggregate and Global Indices

................................................................

.............................................................

.....................................

5

................................

2 Sovereign Debt Product Performance Comparisons

...........................................................................

............................................................................

6

................

2.1 Global 10-Year Treasury Yields (Unhedged)

................................................................................................

.......................................................................

..................................................

.....................................................

6

................................

2.2 US Treasury Hedged Yields

.......................................................................................

.....................................................

.......................................................

7

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

....................................................................................

..........................................................

8

..................

3 Fixed Income Product Performance Comparisons

................................

.........................................................

................................................................................

8

..

3.1 Ginnie Mae Yields – USD

................................................................................................................................

... ............................................................

8

3.2 Ginnie Mae Hedged Yields 9

3.3 Ginnie Mae Yield Spreads – Intermediate Credit 10

3.4 Global Treasury Yield Per Duration 11

4 Prepayments 12

4.1 Aggregate Prepayments (CPR) 12

4.2 Involuntary Prepayments (CDR) 13

4.3 Voluntary Prepayment Rates (CRR) 14

5 Single-Family MBS Pass-Through Issuance 15

5.1 Gross Issuance of Agency MBS 15

5.2 Net Issuance of Agency MBS 17

5.3 Monthly Issuance Breakdown 19

5.4 Percent Refi at Issuance – Single-Family 20

6 Agency Single-Family MBS Outstanding 21

6.1 Outstanding Single-Family Agency MBS 21

6.2 Origination Volume and Share Over Time 22

6.3 Agency Issuance and Agency Outstanding by State 23

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 24

7 Agency REMIC Securities 25

7.1 Monthly REMIC Demand for Ginnie Mae MBS 25

7.2 REMIC Market Snapshot 26

8 MBS Ownership 27

8.1 Commercial Bank Holdings of Agency MBS 27

8.2 Bank and Thrift Residential MBS Holdings 28

8.3 SOMA Holdings 30
GLOBAL MARKETS ANALYSIS REPORT

September 2023

....................................................................................................................

............................................................

.................................................................................................

..........

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

................................

..................

..................................................

..................................

8.4 Foreign Ownership of MBS

................................................................

.........................................................................................................

...........................

31

.........................

8.5 Foreign Ownership of Agency Debt and Agency MBS

................................

...........

32

...

9 Fixed Income Liquidity Indicators

.....................

33

...

PRIMARY MORTGAGE MARKET

...............

34

...

10 Agency Credit Breakdown

........................

34

...

10.1 Credit Scores

...............

.......................................................................

34

................................

10.2 Loan-to-Value (LTV)

...........................................

...................................................................

.......................................................................................

............

.......................................................

36

................................

10.3 Debt-to-Income (DTI)

...................................................

....................................................................................................

............................................................................................

.............................................

38

................................

10.4 High LTV Loans: Ginnie Mae vs. GSEs

................................

...................................................................................

................................................................40

............................

10.5 Serious Delinquency Rates

................................................................

.............................................................................................

........................................

41

................................

10.6 Credit Box

................................

..........................................................................................

...........................................................................................

..............

42

................................

10.7 Credit Box: Historical

................................

..........................................

...................................................................................

44

11 Forbearance Trends 46

12 Holders of Ginnie Mae Mortgage Servicing Rights 47

13 Agency Nonbank Originator 48

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE 50

13.1.1 (FICO, LTV, DTI) 50

14 Environmental, Social, and Governance 54

14.1 Environmental, Social, and Governance: A Summary 54

14.2 Environmental 55

14.3 Social 55

14.3.1 Low-to-Moderate Income Borrowers 56

14.3.2 Purchase and Refinance Origination by Income Bracket 57

U.S. HOUSING MARKET 58

15 Housing Affordability 58

15.1 Housing Affordability – Home Price Appreciation 58

15.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate 59

15.2.1 Housing Affordability – Mortgage Rate Trends 61

15.3 Housing Inventory 62

15.4 Size and Value of the US Housing Market 63

16 Disclosure 64
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

September 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 focuses on perspectives from market participants in East Asia

regarding Ginnie Mae MBS and the broader Agency MBS market. The Highlights provide investment 

community perspectives on Agency MBS in the three largest markets for Ginnie Mae MBS outside 

of the United States: China, Japan, and Taiwan. It captures current trends as well as future concerns

of East Asian investors as it relates to the Ginnie Mae MBS market.

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

• The Fixed Income Product Performance Comparisons section shows that Ginnie Mae MBS 

continue to offer attractive yields relative to sovereigns with comparable durations globally.

• The Single-Family MBS Pass-Through Issuance section captures the dominant role 

government lending/mortgage insurance programs are playing in the mortgage market 

post-pandemic. Gross and net issuance of single-family Ginnie Mae pass-throughs exceeds 

that of both Fannie and Freddie Mac.

• The Environmental, Social, and Governance section takes note of the newly introduced 

Ginnie Mae Social Bond program, announced by President Alanna McCargo.

• The U.S. Housing Market section illustrates the recent cool down in home price 

appreciation. The section also captures the fact that affordability remains a significant issue 

driving overall MBS issuance down.
GLOBAL MARKETS ANALYSIS REPORT

Highlights

September 2023

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

Highlights

For the Global Market Analysis Report’s September 2023 publication, a series of questions were

posed to fixed income market participants in East Asia that trade securitized products, including 

Agency MBS. The focus was on China, Japan, and Taiwan, given that they are the three largest 

foreign holders of Agency MBS. The responses have been edited for readability.

1. In terms of financial institution types, what does the institutional investor landscape look like 

in East Asia with regard to investment in Ginnie Mae MBS?

Typically, three types of investors historically buy GNMA MBS in Asia: banks, insurance companies,

and in some cases, asset managers. In 2023, the majority of East Asian MBS investors are banks, 

rather than insurance companies. In China, most banks see MBS as an alternative to investment 

grade corporate bonds when the mortgage basis is wide. Also, we have seen some securities firms 

trading both MBS pools and TBAs as a short-term directional trade. In Japan, banks are mainly 

interested in CMO floaters and MBS pools, which are typically financed through repo. There are 

insurance companies and money managers interested in MBS pools and TBA as well. In Taiwan, like 

other areas, banks rather than insurance companies are the main MBS audience, and they are 

interested in both CMOs (short Sequential Play Classes, Planned Amortization Classes or floaters) 

and pools. There are some duration needs from insurance companies and money managers in 

Taiwan, but their transaction volume is lower than in prior years. Finally, some central banks in East 

Asia are active in the MBS market as well.

Asian central banks have typically had a very close alignment with the USD and connection with the 

Fed as the dollar has been, for many decades, the only reserve currency of choice with both global 

liquidity and the depth of asset classes to satisfy growing central bank reserve accumulation. Asian 

central banks, in a number of cases over recent history, had a peg to the USD due to volatility in 

their own domestic markets, hence the dollar has been a valuable reserve tool to protect domestic 

currencies. As Asian central banks have become accustomed to the dollar, and with reserves in USD 

usually comprising around 50 percent of their entire reserves, the need to diversify with high quality 

assets has been important, especially as reserves have grown substantially away from US Treasury 

securities. Diversification has supported adding Ginnie Mae products, which offers an explicit 

government guaranty but with the added dimension of a spread in excess of Treasury security

yields. In addition, since the financial crisis, Ginnie Mae stands out as the bellwether for the 

mortgage market due to its depth of liquidity and explicit guaranty. All these factors highlight the 

safety and importance of this asset class for reserve investments but with the added benefit of 

incremental yield over government debt and even sovereign/supranational debt.

2. Do East Asian investors view Ginnie Mae MBS as a highly liquid financial instrument? If so, 

what considerations contribute to this view?

Investors regard Ginnie Mae MBS pools and TBAs as highly liquid financial instruments. The full faith 

and credit US government guarantee and scalability on trades are key: USD 100 million-plus

transaction size is common on current coupon trades with a tight market.
GLOBAL MARKETS ANALYSIS REPORT

Highlights

September 2023

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

3. What value do East Asian institutional investors place on the explicit full faith and credit 

guaranty of the US government on Ginnie Mae MBS?

The full faith and credit guaranty of the US government on Ginnie Mae MBS is very important. In 

general, many investors in Asia consider Ginnie Mae a zero risk-rating and Level 1 asset under Basel 

III. In fact, for some East Asia broker/dealers, 80-90% of mortgage-backed security trades currently, 

in both CMO and passthrough, are Ginnie Mae securities. Many Asia clients invest in Ginnie Mae

MBS because of the explicit guarantee. In comparison, the implicit guarantee from UMBS has so far

generated less demand. This difference is very relevant for bank treasuries in particular, as they 

need to meet liquidity ratios by owning high quality liquid assets (HQLA). Having said that, certain 

jurisdictions may need further clarification with local regulators on Ginnie Mae vs UMBS HQLA 

treatment.

4. What are the factors that drive relative value of Ginnie Mae MBS and REMIC products for East 

Asian mortgage securities investors?

The size and liquidity, the explicit guarantee by US government and the flexible structuring 

capability in REMICs drive relative value of Ginnie Mae MBS and REMIC products. Also, relative 

value versus Asian credits is a key factor for relative value considerations in China.

The graph below demonstrates the relative attractiveness of Ginnie Mae MBS compared to 

conventional MBS on a historical basis.

Figure 1. G2/FN par yield difference in basis points
GLOBAL MARKETS ANALYSIS REPORT

Highlights

September 2023

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

5. What looks attractive in the Ginnie Mae MBS coupon stack from the perspective of East Asian 

Ginnie Mae MBS institutional investors?

Most Asia investors like current coupon MBS priced at par or slightly below. Currently, the current 

coupon GNMA MBS is 6% (G2SF 6) and it offers an attractive yield, and the dollar price is at a

discount, thus having less exposure to premium/prepayment risk. Asian investors prefer to buy MBS 

current coupons given that there is no clear view at this point in time regarding interest rate 

direction and future Fed action. Lower coupon MBS have a lower yield relative to the hedge and 

funding costs, and both factors are not favorable for Asia investors.

6. Is there anything else that is top of mind for institutional investors in East Asia about Ginnie 

Mae MBS?

While many investors agree that MBS spreads are attractive, they are concerned about MBS market 

technicals in the near future, as banks in North America are currently not as active with MBS

purchases. North American banks are historically the largest investors in MBS. Lack of demand from 

domestic banks leads to attractive MBS yields for investors, but also gives investors concern about

the performance of MBS investments in the near term.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate Global Indices

September 2023

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

At month-end August, US Treasuries contributed 41.1% to the Bloomberg US Aggregate Index, 

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

26.8%, down approximately 0.1% from the month prior. For the US Aggregate Index, all other 

changes to the index components were no larger than 1%.

Figure 2. Bloomberg US Aggregate Index

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

largest share of total outstanding issuance, representing 40.5% of the total Bloomberg Global 

Aggregate Index, flat from the prior month. Japan’s share of fixed income was the second highest at 

11.4%, down slightly for the third consecutive month. For the Global Aggregate Index, all countries 

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

Figure 3. Bloomberg Global Aggregate Index by Country

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

41%

27%

14%

8%

2%

2%

2% 1%1% 1% 0% Treasury - 41.1%

MBS Passthrough - 26.8%

Industrial - 14.4%

Financial Institutions - 8.2%

Utility - 2.1%

Agency - 1.9%

CMBS - 1.7%

Supranational - 1.4%

Sovereign - 1.0%

Local Authority - 0.8%

ABS - 0.5%

41%

9% 11%

5%

4%

4%

4%

3%

2% 2% 14%

United States - 40.5%

Japan - 11.4%

China - 9.2%

France - 5.2%

Germany - 4.3%

United Kingdom - 4.2%

Canada - 3.5%

Italy - 3.0%

Spain - 2.2%

Netherlands - 1.9%

Other - 14.5%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons

September 2023

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The US 10‐year Treasury yield moved to 4.24% at month-end August 2023, a MoM increase of 24

bps. US Treasury yields alongside Italian government bond yields were the second highest of all the 

government treasury yields depicted in the figure below behind UK government bond yields. All

month-end yields listed have increased for two consecutive months.

The yield on the UK 10‐year note increased to 4.44% at month-end August, a MoM increase of 13

bps. 

The yield on the German 10‐year note increased to 2.56% at month-end August, a MoM increase

of 9 bps.

The yield on the Italian 10‐year note increased to 4.24% at month-end August, a MoM increase of

17 bps.

The yield on the Japanese 10‐year note increased to 0.65% at month-end August, a MoM increase

of 21 bps.

Figure 4. Global 10-Year Treasury Yields

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

4.44%

2.56%

4.24%

0.65%

-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

4.24%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons

September 2023

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

2.2 US Treasury Hedged Yields

The yield for the 10-year Treasury, hedged in Japanese Yen stood at -1.29% at month-end 

August, a 23 bp increase from month-end July.

The yield for the 10-year Treasury, hedged in Euros stood at 2.47% at month-end August, a 

21 bp increase from month-end July.

Figure 5. US 10yr Total Return Hedged, JPY

Figure 6. US 10yr Total Return Hedged, EUR

Source: Bloomberg. Notes: Data as of August 2023. The 10yr Total Return Hedged Yields are calculated by taking the 10yr treasury yield and 

subtracting the 1yr hedge cost for JPY and EUR.

-1.29

-2.50

-2.00

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.47

-1.50

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

September 2023

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae II yields were 5.67% in June, increased 4 bps to 5.71% at month-end July, then 

increased 14 bps to 5.85% at month-end August. Ginnie Mae II spreads over the US 10-year 

Treasury yield increased 33 bps YoY to 161 bps over the US 10‐year Treasury yield as of month-end 

August 2023.

Figure 7. Ginnie Mae II SF Yield, USD

Figure 8. Ginnie Mae II SF Yield – US 10yr Treasury Yield

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

5.85%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield

1.61%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

GNMA 2 - 10yr Treasury Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

September 2023

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

3.2 Ginnie Mae Hedged Yields

The yield for Ginnie Mae II’s, hedged in Japanese Yen stood at 0.32% at month-end August, a 

13 bp increase from month-end July.

The yield for Ginnie Mae II’s, hedged in Euros stood at 4.08% at month-end August, a 11 bp 

increase from month-end July.

Figure 9. Ginnie Mae II Hedged, JPY

Figure 10. Ginnie Mae II Hedged, EUR

Source: Bloomberg. Notes: Data as of August 2023. The Ginnie Mae II Hedged Yields are calculated by taking the Ginnie Mae II Yield and 

subtracting the 1yr hedge cost for JPY and EUR.

0.32%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

4.08%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

September 2023

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

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The GNMA II 30-year OAS increased 5 bps MoM as of month-end August. The US Intermediate 

credit OAS increased 8 bps MoM as of month-end August. The yield differential between US 

Intermediate Credit and GNMA II 30‐year OAS increased by 3 bps to 0.49% at month-end August.

Figure 11. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS

Figure 12. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS

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

0.46%

0.95%

-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

0.49%

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

September 2023

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

3.4 Global Treasury Yield Per Duration

GNMA MBS continued 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 13. Yield vs. Duration

Security Duration Yield

US 5y 4.45 4.27

US 10y 8.13 4.12

JPY 5y 4.75 0.23

JPY 10y 9.21 0.64

GER 5y 4.75 2.54

GER 10y 8.64 2.51

ITA 5y 4.35 3.72

ITA 10y 7.86 4.15

UK 5y 4.20 4.73

UK 10y 7.90 4.42

GNMA II 2% 6.81 4.78

GNMA II 2.5% 6.79 4.88

GNMA II 3% 6.50 5.06

GNMA II 3.5% 6.26 5.16

GNMA II 4% 6.04 5.34

GNMA II 4.5% 5.97 5.51

GNMA II 5% 5.47 5.70

GNMA II 5.5% 4.95 5.91

GNMA II 6% 4.23 6.09

GNMA II 6.5% 3.72 6.24

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 August 2023. Yields are in base currency of security and unhedged. 

US 5y

US 10y

JPY 5y

JPY 10y

GER 5y GER 10y

ITA 5y

ITA 10y

UK 5y

UK 10y

GNMA II 2%

GNMA II 2.5%

GNMA II 3%

GNMA II 3.5%

GNMA II 4%

GNMA II 4.5%

GNMA II 5%

GNMA II 5.5%

GNMA II 6%

GNMA II 6.5%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

Yield

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

September 2023

40

60

70

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

 Fannie Mae Freddie Mac Ginnie Mae

Ginnie Mae fixed rate aggregate prepayment speeds increased in August 2023 by 6.2% MoM. 

Likewise, Fannie Mae and Freddie Mac CPRs increased 6.6% and 8.6%, respectively. ARM 

prepayments increased for Freddie Mac and Fannie Mae but decreased for Ginnie Mae MoM.

Figure 14. Fixed Rate Aggregate 1-Month CPR

Figure 15. ARM Aggregate 1-Month CPR

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

15.3

11.0

12.4

0

10

20

30

50

CPR (%)

6.1

6.0

7.5

0

10

20

30

40

50

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

15.3

11.0

12.4

0

10

20

30

40

50

60

70

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

September 2023

15

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

4.2 Involuntary Prepayments (CDR)

)

Fixed rate involuntary prepayments (CDR) remained 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 peak of 12.4 CDR in June 2020. ARM CDRs for Freddie Mac 

continued to remain below Ginnie Mae as of month-end August 2023 after slightly overtaking 

Ginnie Mae in September 2022. 

 Fannie Mae Freddie Mac Ginnie Mae

Figure 16. Fixed Rate Aggregate CDR

Figure 17. ARM Aggregate CDR

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

0.3

0.2

0.8

0

5

10

CDR (%

0.5

0.3

0.6

0

10

20

30

40

50

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.3

0.3

0.9

0

5

10

15

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

September 2023

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

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 increases of 6.6% MoM and 8.1% MoM in fixed rate 

aggregate CRR, respectively. Freddie Mac saw a 29.1% MoM increase and Fannie Mae saw a 3.1% 

MoM increase in ARM aggregate CRR. Ginnie Mae increased 6.2% MoM in fixed rate aggregate CRR 

and decreased 14.8% MoM in ARM aggregate CRR.

Figure 18. Fixed Rate Aggregate CRR

Figure 19. ARM Aggregate CRR

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

5.8

5.7

6.7

0

10

20

30

40

CRR%

 Fannie Mae Freddie Mac Ginnie Mae

15.1

12.0

10.5

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

September 2023

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance decreased by 4% MoM. Fannie Mae saw a 12% MoM decrease and 

Ginnie Mae saw a 1% MoM increase in gross issuance. Freddie Mac gross issuance remained 

relatively the same compared to July 2023 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 $219.3 $196.7 $416.0 $250.6 $666.6

Figure 20. Agency Gross Issuance

Source: Recursion. 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.

$251

$219

$0.0 $197

$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

September 2023

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

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 $148.9 $96.1 $5.4 $250.4

Figure 21. Ginnie Mae Gross Issuance

Source: Recursion. 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.

$96

$149

$0.0 $5

$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

September 2023

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

5.2 Net Issuance of Agency MBS

Agency Net Issuance as of month-end August was $143.1 billion for 2023 YTD as shown in Table 3. 

Since 2022, FHA net issuance has outpaced VA net issuance, as shown in Table 4 and Figure 23.

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 $28.2 $1.8 $30.0 $113.0 $143.1

Figure 22. Agency Net Issuance

Source: Recursion. 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.

$113

$28

$2

-$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

September 2023

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

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 $80.9 $33.3 -$1.2 $113.0

Figure 23. Ginnie Mae Net Issuance

Source: Recursion. 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.

-$1

$81

$33

-$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

September 2023

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

5.3 Monthly Issuance Breakdown

Agency net issuance as of month-end August was approximately $20.5 billion, which represents a 

25.5% MoM decrease. Ginnie Mae net issuance was $17.2 billion as of month-end August, a 4.5% 

decrease from July 2023. Ginnie Mae’s $36.5 billion in gross issuance as of month-end August, seen 

in Table 5, was approximately 14.5% below the average monthly issuance for 2022.

Table 5. Agency Issuance ($ 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

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 $3.4 $5.3 $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

May-23 $30.4 $29.0 $32.6 $59.4 $92.0 $0.6 $6.0 $13.5 $6.6 $20.1

Jun-23 $33.5 $32.9 $37.5 $66.4 $103.9 $3.1 $9.3 $17.8 $12.4 $30.2

Jul-23 $31.7 $27.9 $36.3 $59.6 $95.9 $3.6 $5.9 $18.0 $9.5 $27.5

Aug-23 $27.8 $27.9 $36.5 $55.7 $92.2 -$1.5 $4.8 $17.2 $3.3 $20.5

Sources: 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 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 August 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

September 2023

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

5.4 Percent Refi at Issuance – Single-Family

Refinance activity increased by approximately 2.8% MoM for Ginnie Mae as of month-end August 

2023. VA’s refinance volume increased approximately 7.2% MoM. FHA’s refinance share increased 

by approximately 0.3%. In the conventional conforming mortgage market space, Fannie Mae saw an 

increase of 5.5% MoM and Freddie Mac saw a decrease of 0.3% MoM.

Freddie Mac’s refinance percentage decreased to 10.2% in August, down from 10.3% in July.

Fannie Mae’s refinance percentage increased to 12.3% in August, up from 11.7% in July.

Ginnie Mae’s refinance percentage increased to 15.3% in August, up from 14.8% in July.

FHA’s refinance percentage increased to 15.4% in August, up from 15.3% in July.

VA’s refinance percentage increased to 15.7% in August, up from 14.7% in July.

Figure 24. Percent Refinance at Issuance – Single-Family

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

12.3%

15.3%

15.7%

10.2%

15.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

September 2023

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

$3,576

$2,924

$2,246

$8,746

0

2,000

4,000

6,000

8,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,210

$935

$105

0

200

400

600

800

1000

1200

1400

$ in BIllions

 FHA VA OTHER

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

As of month-end August 2023, outstanding single-family MBS in the agency market totaled $8.746

trillion: 40.9% Fannie Mae, 33.4% Freddie Mac, and 25.7% Ginnie Mae MBS. Over the past twelve 

months, Fannie Mae’s, Freddie Mac’s, and Ginnie Mae’s total outstanding MBS increased by 

approximately 0.4%, 2.0%, and 8.8%, respectively. Fannie Mae outstanding MBS remains larger 

than Freddie Mac’s and Ginnie Mae’s by approximately $652 billion and $1.3 trillion, respectively.

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

2018, 60.0% of Ginnie Mae outstanding collateral was FHA and 33.9% was VA. As of month-end

August 2023, FHA collateral comprised 53.8% of Ginnie Mae MBS outstanding, and VA collateral 

comprised 41.6% of Ginnie Mae MBS outstanding.

Figure 25. Outstanding Agency Mortgage-Backed Securities

Figure 26. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities

Source: Recursion. Note: Data as of August 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

September 2023

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

6.2 Origination Volume and Share Over Time

First lien origination volume increased in Q2 2023, with approximately $400 billion in originations, 

which represents an approximate rise in issuance of 38% from Q1 2023. Ginnie Mae’s share of total 

origination increased from 22.3% to 22.8% in Q2 2023, while portfolio origination increased from 

31.1% to 32.1%. 

Figure 27. First Lien Origination Volume

Figure 28. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q2 2023.

$0.17

$0.09

$0.01

$0.13

$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

43.1%

22.8%

2.0%

32.1%

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

September 2023

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 36% of new agency issuance over the past year, roughly 

10% higher than Ginnie Mae’s 26% share of agency outstanding. The share of Ginnie Mae’s new 

agency issuance varies across states, with the highest Ginnie Mae share being in Alaska (58%) and 

the lowest in the District of Columbia (23%). The highest Ginnie Mae outstanding share is in 

Mississippi (49%) and the lowest in the District of Columbia (14%). 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding (past 1 year)

National

GNMA 

Share by 

UPB

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)

36% 1,775,601 292.97 300.11 26% 10,976,069 208.40 211.41

AK 58% 5,557 349.11 310.51 48% 37,589 263.36 220.31

AL 50% 42,361 232.49 246.07 41% 242,887 161.03 178.44

AR 46% 21,897 199.33 230.59 39% 139,136 135.38 161.97

AZ 36% 52,246 332.12 337.45 25% 284,148 226.84 227.94

CA 32% 105,307 460.73 457.26 17% 701,688 332.69 319.78

CO 34% 38,253 415.02 405.89 24% 218,399 298.52 279.23

CT 33% 15,157 275.67 287.12 26% 107,685 203.83 208.97

DC 23% 1,285 514.72 427.63 14% 9,167 388.48 348.36

DE 37% 8,066 280.24 307.77 31% 53,117 206.78 212.23

FL 39% 165,051 313.70 311.29 32% 879,469 219.04 214.60

GA 43% 95,058 271.90 304.03 34% 511,199 185.90 209.10

HI 47% 4,450 630.22 511.21 32% 34,022 472.24 357.39

IA 33% 13,212 189.59 201.74 23% 83,981 136.53 148.39

ID 32% 10,118 340.11 331.72 24% 64,887 224.64 224.56

IL 30% 57,574 216.73 250.68 22% 374,627 161.85 179.41

IN 37% 47,559 200.29 220.68 31% 284,537 137.46 152.10

KS 37% 15,382 202.85 230.02 29% 97,462 142.80 164.41

KY 45% 28,390 206.01 221.89 35% 168,541 146.64 156.41

LA 50% 32,904 210.37 241.16 41% 206,183 159.50 177.44

MA 29% 17,311 391.06 383.67 16% 116,108 288.34 267.90

MD 44% 42,816 348.77 339.19 34% 297,505 267.31 249.37

ME 35% 5,917 257.94 281.16 26% 38,430 180.60 192.39

MI 28% 43,606 193.74 221.24 21% 280,114 136.04 157.00

MN 23% 21,323 258.81 285.40 18% 160,735 184.51 198.70

MO 38% 39,877 206.70 227.93 29% 248,141 144.99 162.69

MS 57% 20,677 210.00 223.96 49% 125,089 146.80 161.64

MT 32% 4,678 324.33 324.19 24% 32,600 213.34 217.62

NC 37% 74,980 266.88 299.34 29% 423,538 181.36 204.08

ND 36% 2,618 250.78 242.91 25% 17,193 194.72 183.39

NE 35% 9,694 231.71 231.99 27% 65,516 152.72 161.54

NH 30% 5,494 329.50 321.29 23% 38,664 229.71 215.70

NJ 30% 35,510 332.61 348.83 22% 236,121 243.95 254.49

NM 46% 14,800 252.33 264.29 38% 96,875 170.44 179.37

NV 40% 23,543 356.74 344.56 31% 137,311 253.98 237.29

NY 27% 39,036 303.45 342.31 20% 311,046 212.38 248.54

OH 36% 66,196 192.68 208.57 29% 430,433 132.81 149.78

OK 46% 29,141 210.86 231.44 42% 191,789 144.32 163.63

OR 27% 16,578 364.59 373.39 20% 112,597 258.28 254.36

PA 30% 52,993 209.20 255.00 26% 394,122 150.57 182.45

RI 44% 5,680 344.37 313.62 31% 36,461 238.53 213.05

SC 43% 46,537 264.72 271.25 35% 242,307 188.33 193.78

SD 39% 4,604 253.32 252.72 30% 29,474 176.16 177.69

TN 39% 49,433 271.62 292.67 32% 275,239 181.68 206.54

TX 36% 186,574 283.90 316.47 32% 1,128,273 188.72 215.85

UT 29% 16,654 395.15 398.31 19% 98,252 268.88 265.57

VA 48% 70,265 340.72 334.10 37% 453,202 259.88 250.24

VI 27% 113 388.66 437.65 24% 803 258.88 305.88

VT 25% 1,684 250.09 273.44 19% 12,258 182.47 180.93

WA 31% 34,813 413.04 420.87 22% 235,474 289.92 290.67

WI 27% 18,916 219.44 235.53 17% 125,428 158.77 163.05

WV 53% 9,843 200.05 197.23 44% 61,043 146.04 145.22

WY 42% 3,870 275.60 276.62 35% 25,204 208.04 201.95

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

from July 2022 to August 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

September 2023

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

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

As of month-end August 2023, the weighted average coupon (WAC) on outstanding Ginnie Mae 

MBS increased slightly from 3.32% in July 2023 to 3.36% as seen in Figure 29. Figure 30 illustrates 

that loans originated since 2019 account for approximately 80% of Ginnie Mae MBS collateral 

outstanding.

Figure 29. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 30. Outstanding Ginnie Mae MBS Balance, by Vintage

Source: Recursion. Note: August 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%

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%

Pre 2008 2008-2013 2014-2018 2019-2023
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

September 2023

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

As of month-end August 2023, $10.8 billion of Ginnie Mae MBS were securitized into Real Estate 

Mortgage Investment Conduits (REMICs) as underlying collateral. This represents an 81.4% increase

YoY from $6.0 billion in August 2022, and a 119.5% MoM increase from $4.9 billion in July 2023. Of 

that, approximately $482.9 million were multifamily MBS having coupons over 4.01%. $9.5 billion 

were single-family MBS having coupons over 5.01%.

Figure 31. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs

Table 7. August 2023 REMIC Collateral Coupon Distribution

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

($MM)2F

1

% Breakdown of REMIC 

Collateral by coupon

Multifamily

<2.01 0.0 0.0%

2.01-3.00 0.0 0.0%

3.01-4.00 343.8 41.6%

4.01-5.00 457.9 55.4%

>5.00 25.0 3.0%

Subtotal 826.7 100.0%

Single-Family

<2.01 0.0 0%

3.00-4.00 439.0 4.4%

4.01-5.00 70.6 0.7%

5.01-6.00 3,738.0 37.3%

6.01-7.00 5,737.7 57.3%

>7.00 32.7 0.3%

Subtotal 10,018.0 100.0%

Grand Total 10,844.8 100.0%

Source: Ginnie Mae Disclosure Files

1Totals may not sum due to rounding.

$6.0

$8.0

$5.9

$3.4

$7.5 $6.4

$11.7

$7.5

$5.6

$9.9

$7.4

$4.9

$10.8

$0

$5

$10

$15
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

September 2023

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

7.2 REMIC Market Snapshot

◼ In August 2023, Ginnie Mae and Freddie Mac single-family REMIC issuance collateral 

coupons increased 6 bps and 4 bps, respectively. Fannie Mae saw a 4 bp decrease MoM.

◼ In August 2023, Ginnie Mae and Freddie Mac multifamily REMIC issuance collateral coupons 

decreased 27 bps and 13 bps, respectively.

◼ In August 2023, Ginnie Mae issued 19 deals, across single-family and multifamily, an 

increase of 4 deals MoM. Ginnie Mae’s total REMIC issuance increased to $11.33 billion in 

August, the highest recorded issuance since February 2023.

◼ In August 2023, Fannie Mae did not issue a multifamily deal, their sixth time since August 

2022. Fannie Mae’s total REMIC issuance was $1.03 billion in August, the lowest recorded 

issuance since April 2023.

Figure 32. REMIC Issuance by Agency2

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 10.50 72.3 11 0.83 17.5 8

Freddie Mac 2.99 20.6 10 3.90 82.5 6

Fannie Mae 1.03 7.1 4 0.00 0.0 0

Total3F

3 $14.52 100% 25 $4.73 100% 14

Source: Ginnie Mae Disclosure Files

2 The REMIC Market Snapshot is inclusive of Re-REMIC deals which are not included in the “Monthly REMIC Demand for Ginnie Mae MBS” above.

3 Totals may not sum due to rounding.

0.8

3.9

0.0

10.5

3.0

1.0

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

August Inner: Multifamily
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

September 2023

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

8 MBS OWNERSHIP

As of Q2 2023, the largest holders of agency debt (agency MBS + agency notes and bonds) included 

commercial banks (21%), the Federal Reserve (20%), and foreign investors (12%). The Federal 

Reserve’s share remained stable at 20% in the second quarter of 2023 as compared to the first 

quarter of 2023. Out of the approximately $2.6 trillion in holdings as of the end of August 2023, 

roughly $1.94 trillion was held by the top 25 domestic banks per Table 9 below. 

Figure 33. 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 Q2 2023.

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions)

Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23

Largest 25 

Domestic Banks 2,056.5 2,054.5 1,961.4 1,952.3 1,953.4 1,947.1 1,961.3 1,955.1 1,944.4

Small Domestic 

Banks 677.3 663.5 764.0 700.9 627.8 628.4 618.2 610.5 602.0

Foreign Related 

Banks 36.6 30.0 27.0 28.4 26.8 24.0 26.2 24.3 23.2

Total, 

Seasonally 

Adjusted

2,770.4 2,748.0 2,752.4 2,681.6 2,608.0 2,599.5 2,605.7 2,589.9 2,569.6

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

as of August 2023.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds

& Pension Funds

Credit Unions

Foreign Investment

Other
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

September 2023

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

8.2 Bank and Thrift Residential MBS Holdings

In Q2 2023, MBS holdings at banks and thrifts continued to decrease. The decrease was driven by 

GSE pass-throughs, agency CMO holdings, and Private CMO holdings, with GSE pass-throughs 

seeing the largest decrease. Ginnie Mae pass-throughs saw a decrease of 0.7%, showing the 

smallest percentage decrease of all banks and thrifts, quarter over quarter (QoQ). Total bank and 

thrift MBS holdings decreased by approximately 13.1% from Q2 2022 and 3.2% from Q1 2023. Out 

of the $2.28 trillion in MBS holdings at banks and thrifts as of Q2 2023, $1.39 trillion were GSE passthroughs and $383 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

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

4Q22 $2,423.87 $1,505.65 $371.91 $3.96 $481.69 $60.65 $2,154.46 $269.41

1Q23 $2,356.93 $1,441.18 $386.32 $4.12 $465.24 $60.08 $2,088.27 $268.65

2Q23 $2,280.38 $1,389.37 $383.52 $3.03 $446.19 $58.27 $2,022.46 $257.92

Change:

1Q23-2Q23 -3.2% -3.6% -0.7% -26.5% -4.1% -3.0% -3.2% -4.0%

2Q22-2Q23 -13.1% -16.6% 3.9% -20.5% -14.7% -5.7% -12.9% -14.8%

Source: Inside Mortgage Finance. Notes: Data as of Q2 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

September 2023

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

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

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

1 BANK OF AMERICA 

CORPORATION

$425,886.0 $358,807.0 $60,878.0 $6,054.0 $147.0 18.7%

2 WELLS FARGO & COMPANY $238,211.0 $154,323.0 $81,335.0 $2,491.0 $62.0 10.4%

3 JPMORGAN CHASE & CO. $161,413.0 $68,554.0 $79,707.0 $517.0 $12,635.0 7.1%

4 CHARLES SCHWAB $156,171.0 $88,295.0 $5,622.0 $62,254.0 $0.0 6.8%

5 Truist Bank $102,173.0 $51,563.0 $11,661.0 $35,921.0 $3,028.0 4.5%

6 U.S. BANCORP $98,929.9 $64,621.7 $23,225.0 $11,083.2 $0.1 4.3%

7 CITIGROUP INC. $82,573.0 $68,947.0 $10,716.0 $2,231.0 $679.0 3.6%

8 PNC Bank, National Association $69,861.0 $59,357.1 $4,037.6 $5,451.7 $1,014.5 3.1%

9 CAPITAL ONE FINANCIAL 

CORPORATION

$63,138.3 $30,002.4 $14,901.6 $17,900.2 $334.1 2.8%

10 MORGAN STANLEY $50,757.0 $32,486.0 $7,190.0 $11,081.0 $0.0 2.2%

11 BANK OF NEW YORK MELLON 

CORP

$39,946.0 $28,321.0 $1,578.0 $8,152.0 $1,895.0 1.8%

12 USAA Federal Savings Bank $38,196.0 $32,268.0 $1,886.0 $4,042.0 $0.0 1.7%

13 State Street Bank and Trust 

Company

$35,556.7 $13,705.0 $6,956.0 $13,345.7 $1,550.0 1.6%

14 BMO Harris Bank National 

Association

$30,642.6 $4,179.4 $6,247.3 $20,215.9 $0.0 1.3%

15 The Huntington National Bank $28,073.2 $11,158.7 $9,193.6 $7,598.1 $122.8 1.2%

16 TD Bank USA/TD Bank NA $26,928.8 $1,079.3 $75.9 $25,737.0 $36.6 1.2%

17 KeyBank National Association $24,634.7 $3,723.2 $182.9 $20,728.6 $0.0 1.1%

18 HSBC Bank USA, National 

Association

$23,944.3 $4,209.0 $14,418.1 $5,316.6 $0.7 1.1%

19 Citizens Bank, National 

Association

$23,183.4 $12,233.4 $5,315.4 $5,634.6 $0.0 1.0%

20 Ally Bank $19,630.0 $12,338.0 $1,801.0 $1,576.0 $3,915.0 0.9%

Total Top 20 $1,739,848.9 $1,100,171.1 $346,927.3 $267,330.7 $25,419.8 76.3%

Source: Inside Mortgage Finance. Notes: Data as of Q2 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

September 2023

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

8.3 SOMA Holdings

FOMC and Economic Highlights:

Federal Open Market Committee Meeting 9/20/2023 Press Release:

◼ “The Committee decided to maintain the target range for the federal funds rate at 5-1/4 to

5-1/2 percent.”

◼ “The Committee is strongly committed to returning inflation to its 2% objective.”

◼ “The Committee will continue reducing its holdings of Treasury securities and agency debt 

and agency mortgage-backed securities, as described in its previously announced plans.”

◼ Federal Reserve Chair, Jerome Powell, indicated that the consensus of the committee is to 

increase rates once more this year. The final 2023 FOMC meetings are scheduled for 

November 1st and December 13th.

◼ Inflation rose slightly to 3.7% in August, per the September 13th CPI report.

SOMA Portfolio Highlights (Aug 2, 2023 vs. Aug 30, 2023)

◼ SOMA holdings of domestic securities totaled $7.4 trillion on Aug 30 (a decrease of $61.3 

billion or -0.82% from Aug 2).

◼ $42.6 billion (69% of the total decrease) was in U.S. Treasury holdings and $18.7 billion (31% 

of the total decrease) was in Agency MBS.

◼ Agency MBS comprise about 34% of the total SOMA portfolio. The $18.7 billion decrease 

was comprised of a $7.7 billion decrease in Fannie Mae holdings, a $6.6 billion decrease in 

Freddie Mac holdings, and a $4.4 billion decrease in Ginnie Mae holdings.

◼ Over 99% of SOMA Agency MBS holdings have coupons of 4.5% or lower with an average 

WAC of 2.508%.

◼ The redemption cap for SOMA’s Agency MBS holdings is set at $35 billion per month. The 

reduction of $18.7 billion in Agency MBS represents 53% of the liquidation cap.

Table 12: SOMA Holdings as of August 2, 2023, and August 30, 2023 ($ Billions)

Holdings by Security Type August 02, 2023 August 30, 2023 Month-Over-Month

SOMA Holdings % Share SOMA Holdings % Share $ Change % Change

US Treasuries $4,939.6 66.22% $4,897.0 66.19% -$42.6 -0.86%

Federal Agency Debt $2.3 0.03% $2.3 0.03% $0.0 0.00%

Agency MBS $2,509.2 33.64% $2,490.5 33.66% -$18.7 -0.74%

Agency Commercial MBS $8.4 0.11% $8.4 0.11% $0.0 -0.09%4

Total SOMA Holdings $7,459.5 100.0% $7,398.2 100.0% -$61.3 -0.82%

Table 13: SOMA Agency MBS Liquidations from August 2, 2023, to August 30, 2023 ($ Billions)

MBS Holdings as of 8.02.23 MBS Holdings 8.30.23 Liquidated Amount Liquidation Cap Percentage of Liquidation Cap

Total $2,509.2 $2,490.5 $18.7 $35.0 53%

Source: New York FED SOMA Holdings https://www.newyorkfed.org/markets/soma-holdings. Notes: The liquidation cap is per calendar month. 

Our analysis here instead covers a four-week period to maintain consistency with other analyses in this report.

4 Table 12 illustrates figures in $ billions, any change less than $50 million will be expressed as a “$0.0” change in the “$ Change” column.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

September 2023

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

8.4 Foreign Ownership of MBS

For the month of July 2023, foreign ownership of MBS represented $1.248 trillion in agency MBS, 

up approximately $74 billion from July 2022. Total foreign ownership of Agency MBS represents 

roughly 14% of total Agency MBS outstanding. Total foreign ownership excluding Fed Holdings and 

CMO’s represents roughly 23% of total Agency MBS available.

 -

Figure 34. Agency MBS Owned by Foreign Entities Ex-Fed Holdings and CMO’s (USD Billions)

Figure 35. Agency MBS Owned by Foreign Entities (USD Billions)

Sources: TIC and Recursion, as of July 2023.

10%

15%

20%

25%

30%

35%

 400

 600

 800

 1,000

 1,200

 1,400

 Agency MBS Held by Foreign Entities in $B

% of SF Agency MBS Outstanding

% of SF Agency MBS Outstanding without Fed

% of SF Agency MBS Outstanding without Fed & CMO

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

 200

 400

 600

 800

 1,000

 1,200

 1,400

 Agency MBS Held by Foreign Entities in $B % of Agency MBS Outstanding
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

September 2023

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

8.5 Foreign Ownership of Agency Debt and Agency MBS

The largest holders of agency MBS were China, Japan, and Taiwan. As of June 2023, these three 

owned 58% of all foreign owned US MBS. Between June 2022 and June 2023, China and Japan 

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

by $25.6 billion, Japan’s holdings increased by $21.9 billion, and Taiwan’s holdings decreased by 

$14.4 billion.

Table 14. All Agency Debt

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

9/1/2022 12/1/2022 3/1/2023 6/1/2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023

China 241,523 251,592 263,892 269,980 -2,866 10,069 12,300 6,088

Japan 232,769 278,069 287,051 253,357 1,332 45,300 8,982 -33,694

Taiwan 209,453 210,309 212,533 208,226 -13,217 856 2,224 -4,307

Canada 89,313 97,234 105,527 105,330 12,922 7,921 8,293 -197

United Kingdom 56,348 61,393 41,101 55,682 -9,881 5,045 -20,292 14,581

Luxembourg 38,559 47,240 51,202 40,971 -4,281 8,681 3,962 -10,231

Ireland 17,692 22,478 25,099 36,766 -2,512 4,786 2,621 11,667

South Korea 35,643 36,237 38,131 36,737 -2,320 594 1,894 -1,394

Cayman Islands 35,081 30,941 29,485 30,398 100 -4,140 -1,456 913

Bermuda 18,681 19,008 19,418 21,930 -791 327 410 2,512

Other 188,623 226,067 199,801 206,671 -7,888 37,444 -26,266 6,870

Total 1,163,685 1,280,568 1,273,240 1,266,048 -29,402 116,883 -7,328 -7,192

Table 15. Agency MBS

Country Level of Holdings ($ Millions)

6/1/2022 6/1/2023 YoY Change in Holdings ($ Millions)

China 244,389 269,980 25,591

Japan 231,437 253,357 21,920

Taiwan 222,670 208,226 -14,444

Canada 76,391 105,330 28,939

United Kingdom 66,229 55,682 -10,547

Luxembourg 42,840 40,971 -1,869

Ireland 20,204 36,766 16,562

South Korea 37,963 36,737 -1,226

Cayman Islands 34,981 30,398 -4,583

Bermuda 19,472 21,930 2,458

Other 196,511 206,671 10,160

Total 1,193,087 1,266,048 72,961

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q2 2023. Agency MBS as of June 2023. 

Table 15 includes the top 10 holders of agency debt listed as of June 2023.
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Liquidity Indicators

September 2023

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

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume YTD as of month-end August 2023 was $248 billion, 

which was up from a monthly average of $241 billion for calendar year 2022. As of month-end 

August 2023, agency MBS average daily trading volume increased 3.5% MoM. See footnote below 

for update on “Average Daily Turnover by Sector” data. 

Figure 36. Average Daily Trading Volume by Sector

Figure 37. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of August 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. 

2.70%

2.96%

0.37% 0%

2%

4%

6%

8%

10%

12%

14%

20022003200420052006200720082009201020112012201320142015201620172018201920202021

Agency MBS Turnover Treasury Turnover Corporates Turnover

$248

$748

$41 $0

$100

$200

$300

$400

$500

$600

$700

$800

200320042005200620072008200920102011201220132014201520162017201820192020202120222023

$ Billions

Agency MBS trading vol ($B) Treasury trading volume ($B) Corporates trading volume ($B)
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

September 2023

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

Tables 16, 17, and 18 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 month-end August

2023. The distribution statistics capture some key differences in the populations served by the 

agencies. 

10.1 Credit Scores

Table 16. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 237,172 652 693 744 780 799 734

Fannie 71,578 699 732 765 789 802 757

Freddie 76,872 694 727 762 788 802 754

Ginnie 88,722 628 653 691 740 780 697

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 47,285 624 657 703 755 788 703

Fannie 14,123 666 702 744 779 799 738

Freddie 12,562 662 694 734 773 796 731

Ginnie 20,600 600 629 660 695 735 663

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 284,457 646 685 738 778 798 729

Fannie 85,701 692 727 762 788 802 754

Freddie 89,434 687 722 759 787 801 751

Ginnie 109,322 623 648 684 733 776 691

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 88,722 628 653 691 740 780 697

FHA 56,026 624 647 678 716 754 683

VA 29,562 639 675 731 776 798 724

Other 3,134 634 659 696 734 762 697

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 20,600 600 629 660 695 735 663

FHA 14,158 593 624 654 686 717 655

VA 6,421 615 643 677 721 761 682

Other 21 639 659 702 749 753 700

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 109,322 623 648 684 733 776 691

FHA 70,184 618 643 673 710 749 677

VA 35,983 633 666 720 770 796 716

Other 3,155 634 659 696 734 762 697

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

September 2023

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

Figure 38. FICO Distributions by Agency

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

0.0%

2.4%

12.3%

28.6%

45.6%

11.1%

0.1%

2.1%

10.5%

27.8%

47.8%

11.6%

1.8%

16.7%

23.5%

22.9%

27.2%

7.0%

4.9%

28.0%

37.1%

19.0%

8.1%

0.8%

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

September 2023

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

10.2 Loan-to-Value (LTV)

Table 17. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 237,416 61 80 93 98 100 85

Fannie 71,670 54 75 80 95 96 79

Freddie 76,906 52 74 80 95 95 79

Ginnie 88,840 90 97 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 47,172 34 51 68 80 86 64

Fannie 14,126 27 41 57 70 77 54

Freddie 12,563 28 42 59 70 78 55

Ginnie 20,483 56 70 80 81 94 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 284,588 53 75 89 97 99 82

Fannie 85,796 45 65 80 90 95 75

Freddie 89,469 45 66 80 91 95 75

Ginnie 109,323 76 90 98 99 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 88,840 90 97 98 100 100 96

FHA 56,095 92 97 98 98 98 96

VA 29,599 83 100 100 100 102 96

Other 3,146 93 98 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 20,483 56 70 80 81 94 76

FHA 14,262 53 67 78 81 81 72

VA 6,201 66 78 90 97 100 85

Other 20 65 71 78 89 96 79

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 109,323 76 90 98 99 100 92

FHA 70,357 75 89 98 98 98 91

VA 35,800 79 91 100 100 102 94

Other 3,166 93 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

September 2023

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

Figure 39. Loan-to Value by Agency

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

21.3%

40.3%

31.5%

6.9%

22.0%

40.6%

28.9%

8.5%

3.8%

10.2%

20.9%

65.1%

3.6%

10.8%

18.2%

67.5%

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

September 2023

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

10.3 Debt-to-Income (DTI)

Table 18. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 236,958 26 34 42 48 51 40

Fannie 71,670 24 31 39 45 48 37

Freddie 76,906 24 32 40 46 49 38

Ginnie 88,382 32 39 46 51 55 45

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 46,638 25 33 41 47 50 39

Fannie 14,126 22 30 37 43 47 36

Freddie 12,563 24 32 40 46 49 38

Ginnie 19,949 29 36 44 50 55 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 283,596 26 34 42 47 51 40

Fannie 85,796 24 31 39 45 48 37

Freddie 89,469 24 32 40 46 49 38

Ginnie 108,331 31 38 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 88,382 32 39 46 51 55 45

FHA 56,051 34 40 47 52 55 45

VA 29,187 30 38 45 51 56 44

Other 3,144 27 31 36 40 42 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 19,949 29 36 44 50 55 42

FHA 14,065 29 36 44 50 55 43

VA 5,863 29 35 43 49 54 42

Other 21 30 33 37 41 42 36

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 108,331 31 38 45 51 55 44

FHA 70,116 33 39 46 52 55 45

VA 35,050 30 37 45 51 56 44

Other 3,165 27 31 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

September 2023

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

Figure 40. Debt-to Income by Agency

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

35.8%

33.5%

30.8%

38.6%

36.2%

25.1%

19.9%

27.6%

52.5%

14.3%

27.3%

58.3%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

September 2023

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

Comparing the three-month range of June 2022 – August 2022 to the three-month range of June 

2023 – August 2023, the share of high-LTV agency loans with:

◼ FICO scores above 750 increased by approximately 5.0%.

◼ DTIs below 35% decreased by approximately 17.6%.

YoY, the share of high-LTV loans increased in the Ginnie Mae guarantee portfolio by approximately 

5% and in the GSE guarantee portfolios by approximately 8%. Still, Ginnie Mae maintains its key role 

of expanding credit access to low-to-moderate income borrowers as it continues to dominate highLTV lending, with 71.29% of its issuances between June 2023 – August 2023 having LTVs of 95 or 

above, compared to 23.00% for the GSEs.

Table 19. Share of Loans with LTV > 95

Ginnie Mae GSE All

Jun 2022 - Aug 2022 67.73% 21.21% 36.04%

Jun 2023 - Aug 2023 71.29% 23.00% 41.25%

Table 20. Agency Market Share by DTI and FICO for Loans with LTV > 95 (June 2022-August 2022)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.21% 3.75% 5.26% 8.61% 0.04% 19.87%

35-45 5.75% 9.08% 10.64% 11.96% 0.04% 37.47%

≥45 7.38% 12.37% 10.94% 9.99% 0.05% 40.73%

NA 0.43% 0.33% 0.21% 0.22% 0.73% 1.92%

All 15.76% 25.53% 27.06% 30.78% 0.86% 100.00%

Table 21. Agency Market Share by DTI and FICO for Loans with LTV > 95 (June 2023-August 2023)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.80% 2.89% 4.19% 7.44% 0.05% 16.37%

35-45 5.27% 8.00% 9.96% 12.25% 0.04% 35.52%

≥45 7.73% 13.21% 13.49% 12.44% 0.11% 46.98%

NA 0.24% 0.20% 0.13% 0.19% 0.37% 1.13%

All 15.04% 24.30% 27.77% 32.32% 0.57% 100.00%

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

Agency Credit Breakdown

September 2023

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

10.5 Serious Delinquency Rates

Serious delinquency rates for single-family GSE, VA, and FHA loans all fell in Q2 2023. From Q1 2023 

to Q2 2023, Fannie and Freddie serious delinquencies decreased by 4 bps and 6 bps, respectively. 

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

decreasing 11 bps and FHA decreasing 35 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 41. Serious Delinquency Rates: Single-Family Loans

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

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q2 2023.

3.61%

0.56%

0.55%

2.15%

0%

2%

4%

6%

8%

10%

12%

4Q063Q072Q081Q094Q093Q102Q111Q124Q123Q132Q141Q154Q153Q162Q171Q184Q183Q192Q201Q214Q213Q222Q23

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

September 2023

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 54.2% as of month-end August

2023, an increase from 53.7% in July 2023 and up from 51.2% in August 2022. Freddie Mac and 

Fannie Mae’s first-time homebuyer shares, 46.6% and 47.2% respectively, as of month-end August

2023, have increased 4.4% and 1.3% respectively, YoY. Ginnie Mae’s first-time homebuyer share 

decreased 0.6% YoY. Table 22 shows that based on mortgages originated as of month-end August

2023, the average GSE first-time homebuyer was more likely to have a higher credit score and lower

LTV. Ginnie Mae’s first-time homebuyers were more likely to have lower loan amounts and lower 

mortgage rates, while having higher DTI’s.

Figure 42. First-Time Homebuyer Share: Purchase Only Loans

Table 22. 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

$

332,123 347,751 319,147 330,963 309,718 361,424 318,236 345,166

Credit Score 751 762 747 761 691 710 722 747

LTV (%) 85 74 85 74 97 94 91 79

DTI (%) 37 37 38 38 44 45 41 40

Loan Rate (%) 6.6 6.7 6.6 6.7 6.4 6.3 6.5 6.6

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of August 2023

46.6%

47.2%

66.4%

54.2%

25%

35%

45%

55%

65%

75%

First-Time Homebuyer Share

Freddie Fannie Ginnie All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

September 2023

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

In the Ginnie Mae purchase market, 74.2% of FHA loans, 49.6% of VA loans, and 83.7% of other 

loans provided financing for first-time home buyers as of month-end August 2023. The share of 

first-time home buyers in the Ginnie Mae purchase market increased MoM for FHA and other loans

while decreasing for VA loans. Table 23 shows that based on mortgages originated as of month-end

August 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 15.5% smaller loans, had a 22.3-

point lower credit score, 5.1% higher LTV and had a 11 bp higher interest rate. FHA’s first-time 

homebuyers are much more like their repeat buyers, with only 5.0% smaller loans, similar interest 

rates, 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 have similar credit scores compared to their first-time home buyers. For VA 

and conventional borrowers alike, repeat buyers tend to have higher credit scores than first-time 

homebuyers.

Figure 43. First-time Homebuyer Share: Ginnie Mae Breakdown

Table 23. 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 

$

306,139 322,401 342,280 404,991 184,722 194,496 309,718 361,424

Credit Score 683 685 712 735 697 697 691 710

LTV (%) 97 95 99 94 98 98 97 94

DTI (%) 45 46 44 45 35 36 44 45

Loan Rate (%) 6.4 6.4 6.3 6.2 6.5 6.4 6.4 6.3

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of August 2023

74.2%

49.6%

83.7%

66.4%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

First-time Homebuyer Share

FHA VA Other All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

September 2023

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

10.7 Credit Box: Historical

The median FICO score for all agency loans originated as of month-end August 2023 was 735, which 

represents a 3-point increase YoY. Ginnie Mae median FICO scores increased 10 points YoY to 680

as of month end August 2023. As of month-end August 2023, average FICO scores for refinances 

increased for Fannie Mae and Freddie Mac borrowers by 11 and 10 points YoY, respectively.

Figure 44. FICO Scores for All Loans

Figure 45. FICO Scores for Purchase Loans Figure 46. FICO Scores for Refinance Loans

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

759

762

680

735

660

680

700

720

740

760

780

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

640

660

680

700

720

740

760

780

Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

September 2023

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

In August 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. Ginnie Mae, Fannie Mae, and Freddie Mac all saw their LTV ratios remain flat YoY from 

August 2022 to August 2023. In August 2023, median DTIs for Ginnie Mae, Freddie Mac, and Fannie 

Mae were 45.0%, 40.0%, and 39.0% respectively. In August 2022, median DTIs for Ginnie Mae, 

Freddie Mac, and Fannie Mae were 44.3%, 39.0%, and 39.0% respectively.

Figure 47. LTV Ratio for All Loans

Figure 48. 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

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

40.0

39.0

45.0

41.8

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Freddie Median Fannie Median Ginnie Median All Median
GLOBAL MARKETS ANALYSIS REPORT

Forbearance Trends

September 2023

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

11 FORBEARANCE TRENDS

At the end of August 2023, 55,319 Ginnie Mae loans were in forbearance. The number of loans in 

forbearance removed from MBS pools in August was 332 while 54,987 loans in forbearance remain 

in pools. The number of loans in forbearance and loans in forbearance that remained in pools 

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 24. Forbearance Snapshot

All Loans in Forbearance – August 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer Share 

(%)

Purchase 

Share (%)

Loan Count

Ginnie 654 3.8 205,652 73.6 75.1 55,319

Bank 671 4.0 139,949 83.1 87.6 8,495

Nonbank 653 3.8 218,751 72.4 73.8 46,808

FHA 651 3.9 198,563 77.3 77.6 42,270

Bank 671 4.1 137,738 86.0 89.5 7,296

Nonbank 648 3.9 212,225 76.0 76.2 34,961

VA 663 3.6 269,307 58.3 64.3 9,906

Bank 674 3.5 186,554 55.4 70.7 797

Nonbank 663 3.7 277,675 58.4 64.0 9,108

Loans in Forbearance and Removed from Pools – August 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer Share 

(%)

Purchase 

Share (%)

Loan Count

Ginnie 664 3.9 185,569 69.3 65.6 332

Bank 678 4.8 124,828 70.1 85.9 111

Nonbank 659 3.6 208,154 68.9 59.7 221

FHA 654 4.1 176,084 73.1 69.0 231

Bank 671 5.4 111,830 79.5 84.8 87

Nonbank 648 3.7 210,745 70.3 63.8 144

VA 687 3.4 225,168 50.8 50.6 73

Bank 712 3.6 234,703 39.6 84.5 16

Nonbank 681 3.3 225,168 55.2 43.7 57

Loans in Forbearance that Remain in Pools – August 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer Share 

(%)

Purchase 

Share (%)

Loan Count

Ginnie 654 3.8 205,793 73.6 75.1 54,987

Bank 671 4.0 140,071 83.3 87.7 8,384

Nonbank 653 3.8 218,775 72.4 73.9 46,587

FHA 651 3.9 198,672 77.3 77.6 42,039

Bank 671 4.1 138,200 86.1 89.6 7,209

Nonbank 648 3.9 212,233 76.0 76.2 34,817

VA 663 3.6 269,891 58.3 64.3 9,833

Bank 673 3.5 185,421 55.8 70.3 781

Nonbank 663 3.7 277,900 58.4 64.1 9,051

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

Holders of Ginnie Mae Mortgage Servicing Rights

September 2023

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

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 25. The top 30 firms collectively own 87.28% of Ginnie Mae MSRs (see 

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

are depository institutions. As of August 2023, over half (53.67%) of the Ginnie Mae MSRs are 

owned by the top six firms.

Table 25. 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 $303,859,186,240 13.51% 13.51% 7.46% 1.01%

DBA FREEDOM HOME MOR 2 1 $279,195,485,698 12.41% 25.92% 8.20% 0.89%

PENNYMAC LOAN SERVIC 3 2 $261,702,025,108 11.63% 37.55% 7.78% 1.08%

NATIONSTAR MORTGAGE, 4 4 $127,619,630,619 5.67% 43.22% 9.23% 1.39%

NEWREZ LLC 5 8 $125,060,780,077 5.56% 48.78% 6.79% 0.56%

ROCKET MORTGAGE, LLC 6 6 $109,925,052,885 4.89% 53.67% 9.30% 0.45%

CARRINGTON MORTGAGE 7 7 $105,268,686,418 4.68% 58.35% 7.73% 0.76%

WELLS FARGO BANK, NA 8 5 $102,600,447,877 4.56% 62.91% 7.53% 0.41%

PLANET HOME LENDING, 9 12 $62,729,994,673 2.79% 65.70% 7.39% 0.37%

U. S. BANK, NA 10 10 $54,919,695,335 2.44% 68.14% 6.46% 0.84%

UNITED WHOLESALE MOR 11 11 $46,661,612,370 2.07% 70.21% 5.34% 0.86%

LOANDEPOT.COM,LLC 12 14 $38,778,545,678 1.72% 71.94% 8.16% 0.69%

NAVY FEDERAL CREDIT 13 15 $29,228,716,932 1.30% 73.24% 6.92% 0.23%

M&T BANK 14 NR $27,874,607,043 1.24% 74.48% 6.53% 0.34%

MORTGAGE RESEARCH CE 15 13 $27,292,280,858 1.21% 75.69% 8.46% 0.48%

GUILD MORTGAGE COMPANY 16 17 $23,532,977,595 1.05% 76.74% 7.02% 0.57%

AMERIHOME MORTGAGE 17 16 $22,560,816,401 1.00% 77.74% 5.29% 1.41%

THE MONEY SOURCE INC 18 18 $21,995,274,359 0.98% 78.72% 8.29% 0.91%

CROSSCOUNTRY MORTGAGE 19 20 $20,589,060,989 0.92% 79.63% 6.34% 0.67%

TRUIST BANK 20 19 $20,215,483,509 0.90% 80.53% 7.85% 1.20%

NEW AMERICAN FUNDING 21 21 $19,337,799,092 0.86% 81.39% 6.99% 0.41%

MOVEMENT MORTGAGE, LLC 22 23 $19,302,885,478 0.86% 82.25% 6.19% 0.60%

CMG MORTGAGE, INC. 23 24 $18,921,824,139 0.84% 83.09% 8.07% 2.01%

IDAHO HOUSING 24 26 $15,942,309,455 0.71% 83.80% 5.19% 0.69%

PHH MORTGAGE CORPORATION 25 29 $15,757,292,660 0.70% 84.50% 6.99% 0.86%

CITIZENS BANK N.A. 26 27 $13,992,214,570 0.62% 85.12% 7.08% 0.70%

FLAGSTAR BANK, N.A. 27 NR $13,546,467,746 0.60% 85.72% 6.54% 0.07%

MIDFIRST BANK 28 28 $12,368,310,852 0.55% 86.27% 10.79% 3.80%

CARDINAL FINANCIAL 29 30 $11,332,731,151 0.50% 86.78% 8.55% 1.85%

VILLAGE CAPITAL 30 22 $11,278,518,802 0.50% 87.28% 13.01% 1.05%

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

Agency Nonbank Originators

September 2023

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

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

13 AGENCY NONBANK ORIGINATOR

Total agency nonbank origination share increased as of month-end August 2023 by approximately 

0.3% MoM. The increase in nonbank origination share was driven by an increase in both Ginnie Mae 

and Fannie Mae nonbank origination share, up 0.2% and 2.2% MoM, respectively. The Ginnie Mae 

nonbank share rose to 89.9% as of August 2023 and has remained consistently higher than the 

GSEs, largely driven by origination share of refinance mortgage loans. 

Figure 49. Agency Nonbank Originator Share (All, Purchase, Refi)

Source: Recursion. Notes: Data as of August 2023.

83.1%

75.0%

82.2%

89.9%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

Figure 50. Nonbank Origination Share:

Purchase Loans

Figure 51. Nonbank Origination Share:

Refi Loans
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

September 2023

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

Ginnie Mae’s total nonbank originator share remained relatively stable as of month-end August 

2023. Ginnie Mae continues to have a high proportion of nonbank originations, with a rate of 89.9% 

in August 2023. The percent of Ginnie Mae’s Other nonbank refinanced loans increased to 90.7% in 

August 2023.

Figure 52. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

Source: Recursion. Notes: Data as of August 2023.

90.7%

89.8%

91.2%

87.8%

40%

50%

60%

70%

80%

90%

100%

FHA VA Other All

20%

30%

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

Figure 53. Ginnie Mae Nonbank Share:

Purchase Loans

Figure 54. Ginnie Mae Nonbank Share:

Refi Loans
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

September 2023

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

720

730

740

750

760

770

780

All Median FICO

Bank Median FICO

Nonbank Median FICO

660

670

680

690

700

710

720

All Median FICO

Bank Median FICO

Nonbank Median FICO

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

13.1.1 (FICO, LTV, DTI)

The mortgage loan originations of nonbanks continued 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 July 2023 to August 2023. The agency median FICO decreased by 

2 points MoM to 735.

Figure 55. Agency FICO: Bank vs. Nonbank

Figure 56. GSE FICO: Bank vs. Nonbank Figure 57. Ginnie Mae FICO: Bank vs. Nonbank

Source: Recursion: Notes: Data as of August 2023.

735

751

731

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

September 2023

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

The median LTV for all GSE originators remained the same as of month-end August 2023 MoM at 

80%. Ginnie Mae median bank and nonbank LTV remained flat at 98.19% MoM. Ginnie Mae median 

DTI slightly rose to 45.3% MoM August 2023 in nonbank originations.

Figure 58. GSE LTV: Bank vs. Nonbank Figure 59. Ginnie Mae LTV: Bank vs. Nonbank

Source: Recursion. Notes: Data as of August 2023.

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI

Figure 60. GSE DTI: Bank vs. Nonbank Figure 61. Ginnie Mae DTI: Bank vs. Nonbank

30

32

34

36

38

40

42

44

All Median DTI

Bank Median DTI

Nonbank Median DTI

94

96

98

100

All Median LTV

Bank Median LTV

Nonbank Median LTV

68

70

72

74

76

78

80

82

All Median LTV

Bank Median LTV

Nonbank Median LTV
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

September 2023

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

660

670

680

690

700

710

720

All Median FICO

Bank Median FICO

Nonbank Median FICO

As of month-end August 2023, the median FICO score for Ginnie Mae bank remained stable at 690 

MoM and nonbank increased by 1 point to 678 MoM. The median FICO for all Ginnie originations 

increased 1 point to 680 MoM. The gap between banks and nonbanks is most apparent in VA and 

Other lending (14-point spread).

Source: Recursion. Notes: Data as of August 2023.

Figure 63. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 62. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 64. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 65. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

680

690

700

710

720

730

740

750

760

VA All Median FICO

VA Bank Median FICO

VA Nonbank Median FICO

650

660

670

680

690

FHA All Median FICO

FHA Bank Median FICO

FHA Nonbank Median FICO

670

680

690

700

710

720

Other All Median FICO

Other Bank Median FICO

Other Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

September 2023

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

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.

Figure 66. Ginnie Mae DTI: Bank vs. Nonbank Figure 67. Ginnie Mae FHA DTI: Bank vs. Nonbank

Figure 68. VA DTI: Bank vs. Nonbank Figure 69. Other DTI: Bank vs. Nonbank

Source: Recursion. Notes: Data as of August 2023.

38

40

42

44

46

48

FHA Median DTI

FHA Bank Median DTI

FHA Nonbank Median DTI

32

34

36

38

40

42

44

46

48

VA Median DTI

VA Bank Median DTI

VA Nonbank Median DTI

34

35

36

37

38

Other Median DTI

Other Bank Median DTI

Other Nonbank Median DTI

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

September 2023

s 

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

14 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

Ginnie Mae Mortgage-Backed Securities are collateralized by loans that facilitate homeownership 

for low-to-moderate income (LMI) borrowers, veterans, rural borrowers, and others that 

traditionally experience challenges in their efforts to achieve homeownership or obtain housing. 

Ginnie Mae is enhancing their disclosures to provide insight into the extent that the securities they 

guarantee support meaningful environmental and social goals. The timeline below captures the 

efforts Ginnie Mae has taken to produce ESG disclosures in recent years.

14.1 Environmental, Social, and Governance: A Summary

Ginnie Mae’s guaranty of the securities provides a connection between the primary and secondary 

mortgage markets that promote access to mortgage credit throughout the Nation for residential 

and multifamily properties. The table below captures the outcomes Ginnie Mae has seen, both 

socially and environmentally, through its guaranty program.

Table 26. ESG Metrics – MBS Portfolio (August 2023)

May 2021: LMI

“Social” Disclosures

(% of loans in LMI

Areas)

June 2021: Disclosures 

reveal that approximately 

$259 billion of Outstanding 

Ginnie Mae MBS 

categorized as LMI area 

loans as defined by HUD’s 

CDBG Program

November 2021: Green

“Environmental” Status

Disclosures Announced

identifies Green

properties within

Multifamily Pools.

March 2022: Full 

implementation 

of Green Status 

Field into 

Multifamily 

Disclosures

April 2022:

Introduction of

Affordable Status

Disclosure for

Multifamily

properties

February 

2023: LowModerate 

Income 

Borrower 

(LMIB) 

Disclosure 

Announced

September

2023: Social

Bond

Program

Introduced
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

September 2023

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

1.3% 0.4%

57.0%

8.6%

32.6%

Figure 70. Composition of Ginnie 

Mae Green Status and Affordable 

Multifamily Collateral

Green/Affordable

Green/Broadly Affordable

Green/Market

Affordable

Broadly Affordable

14.2 Environmental

Table 27. UPB by ESG Status

ESG Status UPB %

Green/Affordable $1,054,948,859 0.7%

Green/Broadly Affordable $326,397,467 0.2%

Green/Market $46,410,196,212 31.1%

Green Total $47,791,542,538 32.0%

Affordable5 $7,032,069,092 4.7%

Broadly Affordable2 $26,537,850,192 17.8%

Affordable Total $34,951,265,610 23.4%

ESG Total $81,361,461,822 54.5%

Total $149,319,922,016 100.0%

Much of Ginnie Mae’s environmental impact is made through its Multifamily programs. 

Approximately 32% of Ginnie Mae collateral are “Green”-certified, as defined by the multiple 

organizations that sponsor and maintain green building certifications, including the US Green 

Building Council, Energy Star, Greenpoint, and the National Green Building Standard, just to name a 

few. Additionally, over 23% of Ginnie Mae Multifamily collateral is “Affordable” or “Broadly 

Affordable”. In total 54.5% of Ginnie Mae’s Multifamily collateral is considered ESG.

Sources: Ginnie Mae Disclosures as of August 2023, https://www.hud.gov/program_offices/housing/mfh/green

14.3 Social

With the introduction of Ginnie Mae’s new social disclosures, investors can now identify the

number of underlying loans made to LMI borrowers, the percentage of LMI loan count out of total 

loan count, the unpaid principal balance (UPB) of LMI loans in the MBS, and the percentage of LMI 

UPB out of total MBS UPB. The borrower household income and address data, received from the 

government’s insuring and guarantying agencies, is compared against the appropriate Federal 

Financial Institution’s Examination Council (FFIEC) Area Median Income (AMI) database by loan 

origination year. If the borrower income is less than 80 percent of its respective AMI income value, 

in the associated census tract, their mortgage will be flagged as an LMI loan. In September 2023, 

Ginnie Mae launched its Social Bond update to its Single-Family Forward MBS program and its Social 

Impact and Sustainability Framework. These enhancements highlight the structural aspects of 

Ginnie Mae’s mission and program which drives broader access to mortgage financing, affordable 

homeownership, and rental opportunities for historically underserved communities.

5 “Affordable” and “Broadly Affordable” removes “Green/Affordable” and “Green/Broadly Affordable” from the UPB total. 
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

September 2023

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

14.3.1 LOW-TO-MODERATE INCOME BORROWERS

Over $289 billion of Ginnie Mae single-family collateral and approximately 1.7 million of loans 

outstanding have been issued too low to moderate income borrowers. Total ESG UPB increased by 

approximately $24 billion over the past 12 months as of August 2023. 

Figure 71. ESG Share of the Outstanding SF Portfolio

Source: Ginnie Mae Disclosures as of August 2023

The UPB of pools that are made up of 20% or more LMI loans make up over 9% of total pool UPB. 

These pools have slightly higher LTV’s, marginally lower FICO scores, and substantially lower loan 

sizes than pools made up of less than 20% LMI loans. The UPB of pools that are made up of less 

than 20% LMI loans make up roughly 90% of total UPB.

Table 28. Percent LMI by Pool Share

Metric LMI Pool Share 

>50%

LMI Pool Share >=20 -

<50%

LMI Share < 

20% All Pools

Total UPB ($ billions) $8.0 $195.0 $2,001.9 $2,204.9

Average Original Loan 

Size $170,604 $188,224 $332,625 $319,271

Credit Score (Median) 675 675 679 677

DTI (Median) 40% 40% 40% 40%

LTV (Median) 97% 96% 95% 96%

Interest Rate (WA) 4.67% 4.46% 3.73% 3.80%

Source: Ginnie Mae Disclosures as of August 2023

$250

$255

$260

$265

$270

$275

$280

$285

$290

$295

12.00%

12.50%

13.00%

13.50%

14.00%

14.50%

15.00%

15.50%

16.00%

ESG UPB in Billions

Percent Share of Guarantee Portfolio

ESG UPB Pool UPB Share Loan Count Share
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

September 2023

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

14.3.2 PURCHASE AND REFINANCE ORIGINATION BY INCOME BRACKET

Over 18% of all purchase and refinance loan originations guaranteed by Ginnie Mae are to 

households with income less than $50,000 compared to 10.7% of the Government Sponsored 

Entities (GSE’s) single-family guarantee portfolio. Additionally, over 68% of these loan originations 

guaranteed by Ginnie Mae are to households with income less than $100,000 compared to 47.3% at 

the GSE’s.

Figure 72. Income Distribution of Homebuyers Served Under Ginnie Mae Program

Source: Home Mortgage Disclosure Act (HMDA) data as of 2022

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

<5

10-1520-2530-3540-4550-5560-6570-7580-8590-95

100-105110-115120-125130-135140-145150-155160-165170-175180-185190-195200-205210-215220-225230-235240-245

>250

% of Homebuyers

Income in Thousands

All Households Ginnie Mae Borrowers Conventional Loan Borrowers
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

September 2023

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

U.S. HOUSING MARKET

15 HOUSING AFFORDABILITY

15.1 Housing Affordability – Home Price Appreciation

Home prices increased in all regions in Q2 2023. Notably, the East North Central, Middle Atlantic, 

and New England regions all saw over a 2% increase QoQ. The East South Central and Mountain 

regions saw the smallest QoQ increases, 0.7% and 1.07%, respectively. The East North Central has 

appreciated more than any other region over the past four quarters appreciating by 5.40%.

Figure 73. Regional HPI Trend Analysis Q/Q

Figure 74. FHFA US Census Subregions as defined by the US Census Bureau

Source: HPI data from FHFA and is seasonally adjusted.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 Q2

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

U.S. Housing Market

September 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 59

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

As of month-end August 2023, inflation was 3.7%, up 0.4% from the month prior. Nationally, rents 

are down 0.06% YoY as of month-end August 2023. The MoM change in rents from July 2023 to 

August 2023 increased by 0.71%. Wage growth saw a decrease from 5.7% in July 2023 to 5.3% as of 

month-end August 2023. Month-end June 2023 reporting data shows YoY home price appreciation 

was flat, appreciating 0.0%, an increase from a 0.4% decrease in May 2023.

Figure 75. Inflation | 12-Month Percent Change in CPI

Figure 76. 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.

3.7%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

3.7%

5.3%

0.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

General Inflation Wage Growth Home Appreciation

Metric Statistic

General 

Inflation 3.7%

Home Price 

Appreciation

(YoY)

0.0%

Rental Price 

Appreciation 

(Median Rent 

Change YoY)

-0.06%

Wage Growth 5.3%
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

September 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 60

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 77. Average Price of Homes Sold to Median Income Ratio

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

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

Housing Bubble COVID-19 Pandemic
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

September 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 61

15.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Reserve maintained the Federal Funds target range on September 20, 2023, at a range 

of 5.25% and 5.50% per the FOMC.4F

6 As of September 14, 2023, the average 30-year and 15-year

fixed rate mortgage rates were 7.18% and 6.51%, respectively. The average 30-year fixed rate 

mortgage rate increased 9 bps and the average 15-year fixed rate mortgage rate increased 5 bps 

MoM from August 17, 2023.

Figure 78. Average Fixed Rate Mortgage Rates

Sources: FRED data as of September 2023

6https://www.federalreserve.gov/newsevents/pressreleases/monetary20230920a.htm

7.18

6.51

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

September 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 62

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

15.3 Housing Inventory

As of July 2023, there was 7.3 months of housing inventory on the market, a decrease from 7.5

months in June 2023. As housing affordability continues to remain low (See above Section 15.2)

single-family home sales are unlikely to play a large role in the resolution of the housing shortfall.

Multifamily construction volume metrics, shown in Figure 80, 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 79. Single-Family Housing Inventory

Figure 80. Multifamily Construction Metrics: Permits, Starts, Completions

Source: FRED. Figure 79: data as of July 2023. New Residential Construction, US Census Bureau. Figure 80: data as of December 2022.

7.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

September 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 63

15.4 Size and Value of the US Housing Market

The total value of the single-family housing market increased to $44.4 trillion in Q2 2023. The total 

value of the US housing market is up 133% from its trough in 2011. From Q2 2022 to Q2 2023

mortgage debt outstanding increased from $12.1 trillion to $12.8 trillion and household equity 

increased from $31.1 trillion to $31.6 trillion. At $9.0 trillion in Q2 2023, agency single family MBS 

continues to account for a growing percentage of the total mortgage debt outstanding, up to 65% 

of total mortgage debt from just 52% in 2011. 

Figure 81. Value of the US Housing Market

Figure 82. Size of the US Residential Mortgage Market

Source: Federal Reserve Flow of Funds Data as of Q2 2023. 

12.8

31.6

44.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

$ Trillions

Debt Household Equity Total Value

0.5

9.0

3.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0 $ Trillions

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

Disclosure

September 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 64

16 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 August

31, 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.”