The pace of overall mortgage securitization activity faltered during the third quarter of 2004, but the decline masked a sharp difference in direction between the market’s two major components, a new Inside MBS & ABS analysis reveals. A total of $542.34 billion of mortgage securities were issued during the third quarter of this year, down 15 percent from the previous quarter. That left year-to-date production 36 percent below the level achieved during the first nine