New securitization of multifamily mortgages dropped sharply in the first quarter of 2002, as the broader income-property real estate market slumped under the weight of a sluggish economy. A total of $7.32 billion in multifamily mortgages were securitized during the first quarter of this year, off 28.8 percent from the record $10.28 billion issued in the final three months of 2001. First quarter production