The outstanding amount of home mortgages as of 4Q11 fell $40 billion quarter-over-quarter and $240 billion year-over-year to $10.3 trillion, Standard & Poor's analysts noted this morning, citing the Federal Reserve flow-of-funds data.

Meanwhile, agency MBS trended upwards by $50 billion year-over-year to $5.8 trillion, while outstanding private-label RMBS fell about $200 billion to $1.1 trillion.

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