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HUD No. 99-87
Further Information:For Release
In the Washington, DC area: 202/708-0685Monday
Or contact your local HUD officeMay 17, 1999

GINNIE MAE MULTICLASS SECURITIES TRANSACTIONS
IN MAY SET ALL-TIME RECORD

WASHINGTON – Ginnie Mae announced today that it has agreed to guarantee $3.7 billion in multiclass securities transactions in May, more transactions and dollar volume than in any month since the program began in June 1994.

This month’s guarantees consist of eight REMICs (Real Estate Mortgage Investment Conduits) and one Callable Trust, the first Callable Trust that Ginnie Mae has guaranteed in more than a year.

"This level of activity is very exciting because it affirms our commitment to increasing the value of Ginnie Mae securities in the capital markets and helps reduce interest rates for FHA and VA borrowers," said George Anderson, executive vice president of Ginnie Mae.

The Ginnie Mae REMIC is a multiclass security that delivers more diverse investment options and higher market value than Ginnie Mae’s traditional single class mortgage backed security. Since its first REMIC transaction in 1994, 109 Ginnie Mae REMICs have been issued, totaling about $43 billion.

Contributing to the record number of transactions and dollar volume was the increased support of several REMIC sponsors and co-sponsors, including Bear Stearns, Lehman Brothers, PaineWebber, Salomon Smith Barney, Credit Suisse First Boston, Greenwich Capital, Merrill Lynch, Donaldson Lufkin and Jenrette, Pryor, McClendon, Counts & Co., Utendahl Capital Partners, Blaylock and Partners, and Williams Capital Group.

Content Archived: January 20, 2009

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