Fannie issued $22.7 billion in mortgage-backed securities during November, according to data reported by eMBS. Volume was lower than $27.7 billion in October and $47.8 billion a year earlier.

So far this year, Fannie has issued $457.4 billion.

Over at Freddie, last month's securitizations totaled $13.7 billion, off slightly from $14.4 billion the prior month. In November 2007, Freddie's volume was $31.5 billion.

Freddie's year-to-date issuances total $299.3 billion.

Ginnie's securitizations were $25.6 billion during November, easing from $27.8 billion the previous month but more than double the $9.5 billion issued the prior year.

From January through November, government-owned Ginnie issued $233.8 billion.