Sallie Mae was the most active issuer of non-mortgage ABS in 2004, producing $26.0 billion of student loan securitizations for the year, according to a new Inside MBS & ABS ranking. The company’s 2004 production was up a modest 1.2 percent, but that was enough to repeat as top issuer in the market. According to Standard & Poor’s, Sallie Mae plans to scale back its securitization activity in 2005 because it is running slightly ahead…