After making a splash with plans to issue a non-agency mortgage-backed security in 2011, officials at Two Harbors Investment have backed away from a potential new issuance, instead focusing on investing in vintage non-agency MBS. “We don’t want to do a securitization simply to do a securitization,” said Tom Siering, president and CEO of Two Harbors. “It simply must be good for shareholders.” During an investor presentation last week, Siering said returns on investments in non-agency MBS in recent months have been much greater than the returns the real estate investment trust would see from issuing its own non-agency MBS ...