The multifamily mortgage sector suffered a steep decline in securitization volume in 2004 apparently as a result of a significant drop in multifamily MBS issuance at Fannie Mae and some slowdown in the commercial mortgage-backed securities market. According to data compiled by Inside MBS & ABS, total securitization volume of multifamily mortgages plummeted 28.6 percent to $38.4 billion last year due largely to a drastic cutback in Fannie’s multifamily MBS issuance and portfolio-driven decisions.