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Subprime Lenders Taking a Bite From Ginnie Mae's Issuance Volume.
Washington -- The current year is shaping up to be one of the worse in five years for the Government National Mortgage Association's single-family program - and the agency well knows it.
"It's undeniable that we're off quite a bit this year," acting GNMA president Michael Frenz said last week.
During the first seven months of its fiscal year, the Government National Mortgage Association guaranteed $48.4 billion in securities backed by single-family loans.
Based on the current run rate, Ginnie Mae could wind up backing just $83 billion in single-family MBS in fiscal 2005.
Two years ago, during the height of the refi boom, the agency issued $208 billion in single-family product. (GNMA securities include loans insured by the Federal Housing Administration, Department of Veterans Affairs and the Rural Housing Service. See related story on the FHA.)
Mr. Frenz said the agency has been losing business to the subprime market, and to a lesser degree to interest-only and payment-option loans.
He noted that the agency wants to gain back market share and is sanguine about FHA's new five-year hybrid ARM product, which is a 2-2-6 loan (2% cap on the initial rate increase, 2% maximum increase per year and 6% over the life of the loan).
- GNMA discounts fast and furious, but for how long.
- Newspaper article from: Asset Securitization Report Sibayan, Karen May 24, 2004 700+ words
...could also reduce the quickness of GNMA seasoning. However, it is unlikely...effect of the significant dip in GNMA market share and the corresponding rise in...collateral. "The decline in GNMA market share suggests that the credit quality...
- Bear Stearns looks at GNMA vs. subprime convergence.(Government National...
- Newspaper article from: Asset Securitization Report Sibayan, Karen August 16, 2004 700+ words
...this structural change in GNMA prepays over the 1990s is to study what happened to the GNMA program in this period. Aside from the significant market-share decline, there was a steady rise in seriously delinquent GNMA borrowers - something not...
- GNMA Issuance in Steep Decline.
- Magazine article from: National Mortgage News Muolo, Paul June 13, 2005 700+ words
...by this newspaper.) However, on a market share basis, GNMA's current performance looks a bit shaky...federally backed mortgages guaranteed by GNMA. Ten years ago, GNMA had a production market share of 11.1% compared to 5.5% for subprime...
- Possible FHA program changes might be negative for GNMA performance, analysts...
- Newspaper article from: Asset Securitization Report June 19, 2006 700+ words
...in a recent report. GNMA market share has steadily dropped...passed, could help boost GNMA issuance, and slow or reverse the dip in its market share. The new crop of GNMAs...which is a negative for GNMA/FNMA swaps, JPMorgan...
- FHA and GNMA Spinoff?
- Magazine article from: National Mortgage News Muolo, Paul July 14, 2008 700+ words
...to that goal. He noted that at GNMA "our average system is 18 years...system that is 27 years old. FHA and GNMA are part of the Department of Housing...height of the subprime boom in 2005 GNMA had a market share of just 3.40%. But with the...
- Elimination of FHA insurance premium refunds may lower GNMA volume.(Federal...
- Newspaper article from: Asset Securitization Report Sibayan, Karen January 24, 2005 700+ words
...almost all FHA loans backing 2005 GNMA pools. "New FHA borrowers have significantly...attractive financing vehicles, and FHA market share is likely to suffer." UBS said that...1/10/06). This might reduce GNMA supply by roughly 10%, bringing...
- Top Gnma Servicers at Mid-Year 2009; (Dollars In Billions).
- Magazine article from: Mortgage Servicing News October 1, 2009 700+ words
Servicer GNMA MBS GNMA Name Serviced 6/30/09 Market Share Wells Fargo $192 25.81% Bank of America $153 20.67...7.43% GMAC $25 3.38% Notes: Based on outstanding GNMA MBS of $740 billion at mid-year. Source: HUD/MSN...
- GNMA 'Choice' Program Will Affect High Loan-to-Volume Market.
- Magazine article from: National Mortgage News Collins, Brian September 24, 2001 700+ words
...single-family insurance program, which has been losing market share and its best customers over the past six years. "This program...conventional high LTV loans. The authors also assume that all market share would come from the GSEs and the FHA, because they could...
Source: HighBeam Research, Subprime Lenders Taking a Bite From Ginnie Mae's Issuance Volume.