More jumbo mortgages were securitized in 2004 than during the previous year, but all of the growth took place outside the traditional prime jumbo MBS market, according to a new analysis and ranking by Inside MBS & ABS. An estimated $294.13 billion of mortgages exceeding the Fannie/Freddie conforming loan limit were securitized in the non-agency MBS market last year, a modest gain of 7.9 percent from 2003. But jumbo mortgages accounted for about 34 percent…