The volume of new non-agency MBS backed exclusively by second mortgages continued to grow in 2005, but the increase didn’t come from the primary market source many observers have expected to play a growing role. A total of $60.74 billion of second-lien MBS were issued in 2005, representing a solid 23.6 percent increase in production over the prior year. That figure does not include another $10.73 billion of second mortgages that were included in subprime… [One data table included]