The subprime MBS market cruised through the summer of 2004 at a feverish pace, with total issuance through the first eight months of the year already topping 2003’s record volume, a new Inside MBS & ABS analysis reveals. Overall, issuance of securities backed by subprime mortgages, including some in scratch-and-dent deals and second loan pools, totaled $239.96 billion through the end of August – a 103.9 percent rise from the same period last year.…