Debt issuance for Fannie Mae, Freddie Mac and the Federal Home Loan Banks declined during the first three months of 2011, while Freddie recorded an increase in new debt in the first quarter.The GSEs collectively issued $707.6 billion in new debt during the first quarter, a 9.9 percent decline from the previous quarter, while total GSE debt outstanding at $2.222 trillion declined 1.8 percent from the previous quarter.