At September 30, 2001, Ginnie Mae had an
acquired multifamily portfolio of $108 million
up from $0.7 million the prior year. During
the year, there was one multifamily issuer
default with a principal balance of $123.7 mil-
lion, compared to $0.7 million in Fiscal Year
2000. Overall, the acquired multifamily port-
folio represents 0.5 percent of the total multi-
family remaining principal balance outstand-
ing for the Ginnie Mae MBS program.
The manufactured housing acquired portfolio
balance decreased to $62 million at September
30, 2001 from $78.4 million in the prior year.
Overall, the manufactured housing acquired
portfolio represents 12 percent of the total
manufactured housing remaining principal
balance outstanding.
Multifamily Programs
Since the inception of the Multifamily MBS
program, Ginnie Mae has guaranteed the
issuance of approximately $48.1 billion in
multifamily securities. Outstanding securities
in the multifamily program increased in Fiscal
Year 2001 by 16 percent to a record $21.7 bil-
lion. Overall, the ratio of delinquent multi-
family loans in Ginnie Mae multifamily pools
represents 1.30 percent compared to 0.53 per-
cent in Fiscal Year 2000.
The following chart describes the overall man-
agement of Ginnie Mae’s defaulted portfolio,
for single family, manufactured and multifam-
ily housing for fiscal years 1997 through 2001:
Management of Defaulted Portfolio
Fiscal Year
$0.0
1997
1998
1999
2000
2001
Dollars in Millions
Multifamily
Single Family
Manufactured Housing
$1000
$200
$400
$600
$800
Multifamily Remaining Principal Balance
(RPB) has grown 59 percent over the last five
years. The following chart represents the
growth of the multifamily MBS outstanding
program:
Multifamily MBS Outstanding
Fiscal Year
Dollars in Billions
1997
$13.6
1998
$14.6
1999
$16.5
2000
$18.7
2001
$21.7
Multiclass Products
Ginnie Mae’s full faith and credit guaranty
was important to investors during Fiscal Year
2001, as buyers of mortgage securities recog-
nized that scheduled interest and principal on
Ginnie Mae MBS and Real Estate Mortgage
Investment Conduits (REMIC) are guaranteed
by the full faith and credit of the United States
Government.
Multiclass products include REMIC and
Ginnie Mae Platinum securities. The volume
of multiclass products issued by Ginnie Mae
continued to grow in Fiscal Year 2001, another
record year and the seventh consecutive year
of volume increase for REMICs. The purpos-
es of REMICs are to increase the investor base
for Ginnie Mae securities and support the
price of Ginnie Mae MBS, which in turn helps
to provide greater liquidity to the secondary
mortgage market. Ginnie Mae guaranteed 55
REMIC transactions in 2001, totaling $25.8
billion, up from $25 billion in 2000. Ginnie
Mae also continued to build a strong position
in REMIC issuance on a global basis by con-
tinuing to offer the flexibility of the MX
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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
