The non-agency MBS market had a faint pulse during the first quarter of 2012, but new issuance continues to struggle for footing against adverse forces. A total of $5.04 billion of non-agency MBS were issued during the first three months of this year, nearly triple the volume during the fourth quarter of 2011. The brightest spot was the prime jumbo sector, where first-quarter MBS issuance ($1.47 billion) exceeded the total produced in all of 2010 and 2011 combined. Redwood’s two jumbo MBS backed by newly originated mortgages suggest that the company may be finding a...(Includes three data charts)