Slackening volume and tighter spreads could lead some companies that insure MBS to relax pricing and expand their underwriting activities in order to maintain volume – but Standard & Poor’s researchers warn that more conservative business strategies would be prudent. “Absent [some] significant market expansion, which is unlikely in the near term, the ‘big four’ will likely compete vigorously to sustain their business and the newer companies will continue to seek to grow,” said S&P…