Fannie Mae and Freddie Mac saw a huge drop in new single-family business in November, according to a new Inside The GSEs analysis of loan-level mortgage-backed securities data. The two companies produced just $50.94 billion of new single-family MBS last month, a 25.2 percent decline from October’s level. November 2015 was the slowest month in GSE MBS issuance since May 2014. MBS issuance was down 30.6 percent at Fannie and off 17.4 percent at Freddie. The sharp drop in monthly production had a distinctly seasonal tone. GSE securitization of purchase mortgages fell a whopping 33.2 percent from October to November, and purchase mortgages accounted for less than half of Fannie/Freddie business last month.