The government-owned mortgage aggregator and bond issuer Ginnie Mae financed around 1.4 million mortgage transactions for seniors, first-time homebuyers, veterans and residents of urban, rural and tribal communities over the fiscal year that ended Sept. 30, 2025, the federal housing agency said in its latest annual financial report.
That number is up from 1.2 million households financed in 2023 and 2024, but far below the 2.3 million households financed from September 2021 to September 2022.
Total mortgage-backed security (MBS) issuance expanded 24% to exceed $526 billion over the 12 months ending Sept. 30, up from around $423 billion in 2024 and $404 billion in 2023, but lower than record issuance of $939 billion in 2021 and $653 billion in 2022.
The new data indicates that as purchase affordability has plummeted following the pandemic, demand for low-downpayment, government-insured loans has remained strong. So, too, has demand from capital markets for Ginnie Mae securities, which the annual financial report said is “continuing to offer favorable relative value for overseas investors.”
Housed within the U.S. Department of Housing and Urban Development (HUD), Ginnie Mae underwrites and securitizes loans insured by the Federal Housing Administration (FHA), U.S. Department of Veterans Affairs, U.S. Department of Agriculture and Office of Public and Indian Housing, repaying principal and interest earned on government-backed loans to Ginnie Mae MBS investors.
Like government-sponsored enterprises Fannie Mae and Freddie Mac on the conventional side of the “agency” MBS market, Ginnie Mae guarantees credit risk on mortgages it acquires from lenders but not the interest income investors collect, advanced by servicers.
“The continued strong demand for the Ginnie Mae MBS program creates affordability for the American people,” said HUD Secretary Scott Turner in a press release announcing last year’s financial results. “Ginnie Mae’s performance highlights the value of HUD’s housing finance programs in making the American Dream possible for millions of Americans.”
Ginnie Mae’s outstanding portfolio grew by 7.2% over the year, adding $191 billion to a balance sheet that now exceeds $2.8 trillion, up from around $2 trillion in 2019. Ginnie Mae’s share of all outstanding single-family MBS was around 28.6% at $2.62 trillion of the total $9.17 trillion agency MBS market.
Recent growth in issuance has occurred against emerging weakness in Ginnie Mae’s outstanding portfolio, reflecting a widening gap in agency delinquency rates, which remain near historical lows for conventional loan borrowers and elevated among government borrowers, especially FHA.
“By strengthening operations, enhancing cybersecurity, and maintaining disciplined risk management, we reinforced market confidence and attracted global capital to support affordable lending for American homeowners in every market environment,” said Joseph Gormley, recently named president of Ginnie Mae, in the press release.
