New production of structured mortgage securities backed by agency pass-throughs dropped 14.3 percent during the fourth quarter, leaving the market for all of 2005 down 7.3 percent from the previous year, according to a new Inside MBS & ABS analysis. On a combined basis, Fannie Mae, Freddie Mac and Ginnie Mae issued $295.15 billion of collateralized mortgage obligations and real estate mortgage investment conduits backed by MBS. As is usually the case, Freddie Mac accounted…