At the end of the second quarter this year, there was $13.97 trillion mortgage debt outstanding in the U.S., according to the latest statistics from the Boards of Governors of the Federal Reserve System. Residential properties account for over 90 percent or approximately $12.6 trillion. 35 percent of outstanding mortgages were held by major financial institutions and over 36 percent by Federal and related agencies, including Fannie Mae and Freddie Mac.