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62 | M REPORT SECONDARY MARKET THE LATEST O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T Ginnie Mae Issuance Volume Exceeds $66 Billion in December More than 242,000 homes and apartment units were financed by Ginnie Mae guaranteed MBS in December nationwide, as the Fed continues working to shrink the agency's balance sheet. G innie Mae reported its December 2021 issuance volume, as approximate- ly 242,793 homes and apartment units were financed by Ginnie Mae guaranteed mortgage-backed securities (MBS) in December. Ginnie Mae MBS is- suance volume for December 2021 was $66.84 billion. As of November 2021, more than $2.13 trillion of Ginnie Mae mort- gage-backed securities (MBS) was outstanding, owned by investors in the U.S. and around the world. "The Ginnie Mae MBS program ends the calendar year with strong monthly issuance and continues to attract domestic and interna- tional investors and support the mortgage industry in meeting the diverse needs of America's housing market," Ginnie Mae President Alanna McCargo said. "I am proud to see continued strength in housing finance programs that support veterans, seniors, first-time homebuyers, renters, and low- income households in urban, rural, and tribal communities." The Fed is expected to contin- ue working to shrink the agency's balance sheet, including MBS is- sued by Fannie Mae, Freddie Mac, and Ginnie Mae. However, some believe even more drastic changes are needed for the GSEs. A breakdown of December 2021 issuance of $66.84 billion includes $62.31 billion of those dollars for Ginnie Mae's II MBS and $4.53 billion of Ginnie Mae I MBS. This includes approximately $4.3 billion of loans for multifamily housing. Ginnie Mae's total outstanding prin- cipal balance as of December 31 was $2.153 trillion, up from $2.143 trillion in the prior month, and up from $2.103 trillion in December 2020. To kick off 2022, McCargo was sworn in as Ginnie Mae's 18th President, as she was read the oath of office by Marcia L. Fudge, Secretary of the U.S. Department of Housing & Urban Development (HUD). McCargo became the first Senate-confirmed President of Ginnie Mae in nearly five years, and her confirmation is historic as she became the first woman in Ginnie Mae's history to hold this position. She replaced Michael R. Drayne, Ginnie Mae Acting EVP/Office of the President in her new role oversee- ing the wholly-owned government corporation and principal financ- ing arm for government mortgage loans. Prior to her confirmation as President, McCargo was Senior Advisor for Housing Finance to HUD Secretary Fudge.