Fiscal Year 2011 is Over

I'm sure most of you know the Government's fiscal year ends September 30th - that way they can give us the numbers they want us to see in advance of any particular November election.

One set that interested me was/is the hefty decline in Ginnie Mae securitizations (Rural, VA & FHA), which I expected to increase after FHA changed their rules and now permit a lender to securitize pools of FHA insured loans in smaller amounts. Since its recent change, you can securitize a pool of ONE loan, so I figured production would increase. Frankly I can't wait until FHA production gets back in line and returns again to be the small sliver of industry originations (about 3%) where they have been since forever.

Fiscal year 2009 - $418Billion, 2010 - $413Billion; 2011 - $350Billion. Still a very long way to go, at least now it's going in the correct direction!