While overall new production in the agency-backed CMO market dropped dramatically in 2000, some things remained the same: Freddie Mac was the top issuer of these deals. The government-sponsored enterprise issued $37.24 billion of real-estate mortgage investment conduits backed by agency pass-through securities last year, a far cry from the $90.27 billion it produced in 1999. But the total market was down 52.2 percent for the year, coming in at $76.71 billion. Freddie’s