Fannie Mae multifamily mortgage-backed securities issuance dropped in the first quarter of 2013, according to data released by the government-sponsored enterprise.

The firm’s MBS issuance hit $8.2 billion in the first quarter of 2013, down from $10.8 billion in the fourth quarter of 2012.

“The momentum in the agency CMBS market carried over year-end and into 2013, and DUS issuance continued to be robust in the first quarter,” said Kimberly Johnson, senior vice president of multifamily capital markets at Fannie Mae. 

She added, “Resecuritization activity has remained stable in the first quarter despite interest rate volatility, and we are on pace to exceed $10 billion in GeMS issuance this year.”

The GSE also used its Fannie Mae Guaranteed Multifamily Structures, known as Fannie Mae GeMs, to re-securitize $3.2 billion of DUS MBS securities in the first quarter, up from $2.2 billion in the fourth quarter of 2012.

The firm’s capital markets segment also sold $3.7 billion of multifamily mortgage securities from its own portfolio in the first quarter.