Legal Seminar, Chicago, IL

AGENCY GROSS AND NET ISSUANCE AGENCY ISSUANCE

Gross issuancewas $450 billion in the first five months of 2019, down 6.1 percent from the same period in 2018. Issuance in January and February 2019 was much lower than in January and February 2018, while March throughMay outpaced the previous year. Net issuance (which excludes repayments, prepayments, and refinances on outstandingmortgages) totaled $91.7 billion in the first five months of 2019, or $220.1 billion on an annualized basis, up 0.6 precent from the same period in 2018.

Agency Net Issuance

Agency Gross Issuance

Issuance Year

Issuance Year

GSEs

Ginnie Mae Total

GSEs

Ginnie Mae Total

2000

$159.80

$29.30

$189.10

2000

$360.6

$102.2

$462.8

2001

$368.40

-$9.90

$358.50

2001

$885.1

$171.5

$1,056.6

2002

$357.20

-$51.20

$306.10

2002

$1,238.9

$169.0

$1,407.9

2003

$334.90

-$77.60

$257.30

2003

$1,874.9

$213.1

$2,088.0

2004

$82.50

-$40.10

$42.40

2004

$872.6

$119.2

$991.9

2005

$174.20

-$42.20

$132.00

2005

$894.0

$81.4

$975.3

2006

$313.60

$0.20

$313.80

2006

$853.0

$76.7

$929.7

2007

$514.90

$30.90

$545.70

2007

$1,066.2

$94.9

$1,161.1

2008

$314.80

$196.40

$511.30

2008

$911.4

$267.6

$1,179.0

2009

$250.60

$257.40

$508.00

2009

$1,280.0

$451.3

$1,731.3

2010

-$303.20

$198.30

-$105.00

2010

$1,003.5

$390.7

$1,394.3

2011

-$128.40

$149.60

$21.20

2011

$879.3

$315.3

$1,194.7

2012

-$42.40

$119.10

$76.80

2012

$1,288.8

$405.0

$1,693.8

2013

$69.10

$87.90

$157.00

2013

$1,176.6

$393.6

$1,570.1

2014

$30.50

$61.60

$92.10

2014

$650.9

$296.3

$947.2

2015

$75.10

$97.30

$172.50

2015

$845.7

$436.3

$1,282.0

2016

$135.50

$126.10

$261.60

2016

$991.6

$508.2

$1,499.8

2017

$168.50

$131.30

$299.70

2017

$877.3

$455.6

$1,332.9

2018

$147.70

$113.90

$261.60

2018

$795.0

$400.6

$1,195.3

2019 YTD $53.9

$37.8

$91.7

2019 YTD $299.4

$150.8

$450.1

2019 YTD % Change YOY

2019 YTD % Change YOY

-5.4% -7.6% -6.1%

6.7%

-7.1%

0.6%

2019 Ann.

$129.3

$90.8

$220.1

2019 Ann.

$718.5

$361.8

$1,080.3

30

Sources: eMBS and Urban Institute. Note: Dollar amounts are in billions. Data as of May 2019.