Issuers of non-agency MBS secured some $153.87 billion of coverage in the form of interest rate caps and other derivatives for new production during the first quarter of 2006, according to a new analysis based on the Inside Mortgage Finance MBS Database. That represented about 54 percent of total non-agency MBS issuance during the period. In addition to caps, derivatives included interest rate swaps, yield maintenance agreements and corridor contracts – sometimes in combination on… [One data table included]