``There is about $8.9 trillion in total outstanding mortgage debt structured in securities as of the end of the first quarter, according to data compiled by Securities Industry and Financial Markets Association. That includes about $1.4 trillion in non-government agency residential and commercial mortgage backed securities (down from nearly $2.4 trillion in 2007) and about $7.0 trillion in agency MBS and collateralized mortgage obligations from Fannie Mae, Freddie Mac and Ginnie Mae (up from about $5.8 trillion in 2007).''

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