Adjustable-rate mortgages – a product that used to be rare in the MBS market even in times of heavy securities issuance – have represented almost half of the collateral feeding record production levels over the past year. According to a new analysis by Inside MBS & ABS, a record $244.04 billion of ARM loans were securitized during the second quarter of 2005. That was up 18.8 percent from already strong levels in the first three… [Two data tables included]