After soaring to a record volume of new issuance last year, the adjustable-rate mortgage securitization market smashed through to a new annual record after just nine months in 2003. An estimated $338.6 billion of ARMs were securitized through the first three quarters of this year, topping the $289.3 billion record set in 2002. On a year-to-date basis, 2003 production was running 71.6 percent