The housing GSEs continued to reduce their footprint in global debt markets during the fourth quarter of 2011, with new issuance and debt outstanding down from the previous year. Fannie Mae, Freddie Mac and the Federal Home Loan Banks issued a total of $2.51 trillion in debt last year, down 27.2 percent from 2010 levels, according to a new Inside The GSEs analysis of enterprise data. Issuance fell 26.7 percent from the third to fourth quarter, dropping to just $584.2 billion.