The non-agency MBS market broke through to new ground during the second quarter of 2005, revving up to a pace that could produce the industry’s first $1 trillion year in the securitization of home mortgages outside the traditional Fannie, Freddie and Ginnie channels. New issues of non-agency MBS hit a record $299.17 billion during the second quarter, pushing well beyond the previous three-month high set in the third quarter of 2004. Volume during the April-to-June… [Data tables included]