Has the alternative product craze run its course? Probably not, as high home prices around the country continue to fuel demand for affordable mortgage products. Still, many of the nontraditional market’s stalwarts reported less volume in key sectors late in the year. A case in point is Washington Mutual, which reported a significant falloff in option ARM originations – to $11.70 billion in the fourth quarter from $16.35 billion three months earlier. “We believe…