The GSEs continued to reduce their footprint in global debt markets during the second quarter of 2012, with new issuance and debt outstanding down from the previous quarter and from the same period a year ago. Fannie Mae, Freddie Mac and the Federal Home Loan Banks issued a combined total of $622.3 billion in new debt during the second quarter, a 12.1 percent decrease from the first quarter and a 14.3 percent decline from the second quarter of 2011. GSE debt outstanding at $1.942 billion fell 14.7 percent from the first quarter and was down 10.4 percent from the same period a year ago.