Despite the full implementation of the recently expanded Home Affordable Refinance Program in June and a refi boost that followed, Fannie Mae’s and Freddie Mac’s new volume declined during the second quarter of 2012, according to a new Inside The GSEs analysis. Fannie and Freddie issued $273.95 billion in single-family mortgage backed securities during the second quarter, a 10.2 percent drop from the first three months of the year. Thanks to the huge $305.21 billion of GSE business during the first quarter, the market was still 39.3 percent ahead of the pace set during the first half of 2011.