Over the last 12 months combined (TTM), mortgage debt outstanding (MDO) grew by $83.8 billion, the biggest increase in seven years. With this increased lending volume, Fannie Mae and Freddie Mac (GSE) lending has rebounded sharply. From mid-2014 to mid-2015, the GSEs’ MDO shrank by $6.0 billion. In the three quarters since then, GSE net lending increased by $26.5 billion, only a little less than depository institution volume (shown as “Banks” in the chart).
The TTM figures show banks are still clearly the leading lenders, extending a net $38.0 billion in the four quarters ending in March. The GSEs moved back into second place. Ginnie Mae net lending contracted slightly in the first quarter, and its TTM volume decreased to $5.9 billion, the lowest in almost five years. On the other side of the ledger, CMBS net credit continued its decline, now for the 27th quarter.
Catch up on more industry fundamentals in the latest issue of Market Trends.
- Though Cycle Moves into the Latter Stages, Apartment Industry Is Still Strong
- NMHC Chairwoman Sue Ansel Testimony for March 26, 2019 Senate Banking Hearing on Housing Finance Reform
- FHFA Issues the 2019 Scorecard for the Enterprises
- Housing Industry Pushes Senate to Confirm Kathy Kraninger as Next CFPB Director
- Your Need to Know