Mortgage securitization volume by Fannie Mae and Freddie Mac hit a cyclical low during the first quarter of last year and then gathered steam for the rest of the year to finish with a very robust fourth quarter. But despite the growth in business over the course of the year, Fannie Mae MBS issuance fell 30 percent from 1999 to 2000 and Freddie Mac’s volume was down 28 percent over the same period. With a