The multifamily mortgage-backed securities market saw declining new issuance in 2002 despite hefty gains posted in the Ginnie Mae and Freddie Mac sectors. Total new multifamily MBS issuance in 2002 slipped to $33.06 billion, a 3.1 percent decline from the previous year (see next page). Despite the downturn, it was the second best year on record following the $34.13 billion issued in