New production of mortgage securities fell for the second quarter in a row during the first three months of 2006, according to a new analysis by Inside MBS & ABS. After hitting a cyclical peak of $614.98 billion during the third quarter of 2005, new MBS issuance slipped to $572.88 billion in the final period of last year and dropped another 11.5 percent in the first quarter of 2006. The $507.24 billion of MBS issued… [Two data tables included]