While many sectors of the debt capital markets have matched last year's new issuance totals, the mortgage-backed securities market has quietly gone about the business of imploding.

For the first nine months of 2000, MBS new issuance is down by 55% from the same year-ago period, and only $111.9 billion in new mortgage bonds have been issued compared with the $249.6 billion posted by this time in 1999, according to preliminary data from Thomson Financial Securities Data.

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