New production of non-agency MBS continued to barrel along at a heady pace during the first quarter of 2005, with issuance hitting $243.47 billion, according to a new market analysis and ranking by Inside MBS & ABS. Although that total was down 2.1 percent from the previous quarter, it still marked the third highest three-month production volume ever for the non-agency MBS market. The record, $251.31 billion, was set back in the third quarter of…