The white-hot subprime and Alt A MBS markets continued to fuel a heavy outflow of non-agency mortgage securitization activity in the final three months of 2004, bringing total issuance for the year to a record $864.2 billion. A new market analysis by Inside MBS & ABS shows that 2004’s record securitization was up 47.4 percent from the previous record, $586.2 billion, set in 2003. While the traditional prime jumbo market actually faded in the wake…