GSE Debt Issuance Sliding As Rates Climb in 2004 GSE debt issuance this year is on pace to fall significantly from its high-water mark last year, as rising interest rates have stymied the demand for mortgage funding that propelled near-record growth in 2003. According to recent data, Fannie Mae, Freddie Mac and the Federal Home Loan Banks combined to issue $1.64 trillion in debt securities through the first third of the year. That