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Refi Mania Equals Record Issuance of Mortgage Securities.(Brief Article)(Statistical Data Included)
Fueled by a refinancing boom and strong home sales, issuance of mortgage-related securities surged to a record $664.2 billion during the first half of this year, more than double last year's first-half issuance.
The first-half tally topped the old first-half record set in 1999, when $641 billion in mortgage-related securities were issued during the first six months.
It also puts the capital markets on pace to break the record for mortgage-related issuance for a full year, set in 1998. A little over $500 billion of MBS and CMO issuance is needed in the second half of this year to break the 1998 record.
Agency-backed issuance was particularly strong, totaling $459.7 billion in MBS during the first six months of this year. Just $226.2 billion in agency MBS issuance is needed in the second half of the year to beat the 1998 record, so it seems almost certain that 2001 will be a record year for the agencies.
Fannie Mae in particular benefited from the heavy origination volume early this year. Issuance of new Fannie Mae MBS (which excludes CMO issuance) totaled $226.7 billion in the first six months of this year, compared to $87.6 billion in the same period last year, an increase of 159%.
Freddie Mac MBS issuance totaled $157.3 billion in the first half, an increase of 150% from the first half of 2000.
Ginnie Mae issuance totaled $75.7 billion, a 76% increase from the first half of last year.
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