Seeking Alpha

Issuance of non-agency MBS jumps to $7.4B this year, more than tripling the amount last year,...

Issuance of non-agency MBS jumps to $7.4B this year, more than tripling the amount last year, according to Deutsche Bank (amount issued in 2006: $1.2T!). Not making a bearish call, but one beneficiary, Redwood Trust (RWT) - which packages and sells this sort of paper - is up 61.5% YTD, and trades at 1.28X Sept. 30 book value vs. 90% of book at the start of the year. Stay nimble.
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