has a single issuer which originates and administers the entire pool.  A multiple issuer pool typically combines loans with similar characteristics.  The resulting pool backs a sin- gle MBS issue and each participant is respon- sible for administering the mortgage loans which contribute to the pool.    The securitiza- tion provisions are established in the Ginnie Mae MBS guide (Ginnie Mae Handbook 5500.3), which may be found on Ginnie Mae’s website at www.ginniemae.gov. MBS Highlights and Trends Ginnie Mae issued $161.7 billion in new MBS commitment authority in Fiscal Year 2001, an 85 percent increase from Fiscal Year 2000. This increase was fueled by the significant drop in interest rates, which fueled mortgage refinances and encouraged the proliferation of independent mortgage brokers.  This growth in non-bank affiliated mortgage conduits can be seen in the graph to the right, which indi- cates that “other” non-banking MBS partici- pants accounted for 29 percent of the market in Fiscal Year 2001.  This is a 76 percent increase from 7 percent participation in the previous year.  Ginnie Mae guaranteed $153.8 billion of MBS during Fiscal Year 2001, repre- senting an increase of 45.8 percent from the prior year.  This development reflects a sharp increase in secondary mortgage market activi- ty due to steadily falling interest rates throughout 2001. Of the $153.8 billion of MBS guaranteed, over $148.2 billion was backed by single family mortgages, $5.5 billion was backed by multi- family construction and project loans, and $132 million was backed by manufacturing housing loans. Delinquency ratios for the MBS pooled mort- gages decreased in the single family program and increased in the multifamily and manu- factured housing programs when compared to the previous fiscal year.  Ginnie Mae continues to monitor issuers through the Issuer Portfolio Analysis Database System (IPADS) for unusual fluctuations in portfolio delin- quency rates.  From Fiscal Year 2000 to Fiscal Year 2001, the three-month delinquency rate in the single family program decreased from 1.80 percent to 1.65 percent.  The three- month delinquency rate in the manufactured housing program increased from 3.35 percent to 6.57 percent.  The two-month delinquency rate in the multifamily program increased from 0.53 percent to 1.30 percent. MBS Program Participants Mortgage Bankers 54% Commercial Banks 7% Savings & Loans 10% Others 29% Asset Management By the end of Fiscal Year 2001, Ginnie Mae had an acquired single family portfolio of $394 million, an increase of 14.5 percent from Fiscal Year 2000.  During the year, there were five single family issuer defaults totaling a principal balance of $160.2 million, compared to $52.1 million in Fiscal Year 2000.  Overall, the acquired single family portfolio represents 0.07 percent of the total single family remain- ing principal balance outstanding for the Ginnie Mae MBS program, compared to 0.05 percent in Fiscal Year 2000. The following table details the issuer defaults: Issuer Defaults by Program Type, by Fiscal Year in Millions Program Type 2001 2000 1999 1998 1997 Single Family $160.2 $ 52.1 $108.0 $  8.3 $350.6 Multifamily 123.7% 0.7% - - - Manufactured Housing - - 0.3% 0.3% - Total $283.9 $ 52.8 $108.3 $  8.6 $350.6 12 G i n n i e   M a e   A n n u a l   R e p o r t   2 0 0 1