Foreign investors were the most active – and visible – buyers of mortgage securities in the first half of 2005, gobbling up an estimated $165 billion in product, according to the latest MBS investor profile compiled by Inside MBS & ABS. Meanwhile, Fannie Mae and Freddie Mac, the largest investors in the MBS market, recorded their first ever drop in mortgage security investments in 2005 as the two government-sponsored enterprises largely sat on the sidelines… [One data table included]