Fannie Mae and Freddie Mac generated $129.2 billion in single-family mortgage-backed securities during the first three months of 2014, the lowest quarterly volume in 14 years, according to a new Inside The GSEs analysis. That was down 29.1 percent from the already weak production of the fourth quarter and off 63.7 percent from the same period of 2013. GSE production – and mortgage originations – have been tumbling since the beginning of 2013 as the last great refinance wave washed away.