Issuance of non-agency mortgage-backed securities is expected to remain constrained until a number of issues are sorted out, from reform of the government-sponsored enterprises to an increase in demand from investors. “The non-agency MBS market is stuck somewhat in limbo until we know where the GSEs are going,” said Steven Abrahams, head of securitization and MBS research in the U.S. at Deutsche Bank Securities, during last week’s ABS Vegas conference. More than 5,600 people registered ...