JPMorgan Chase is preparing to issue the first non-agency MBS that will comply with a securitization safe harbor established by the Federal Deposit Insurance Corp. in 2010, according to presale reports published this week. The $1.89 billion Chase Mortgage Trust 2016-1 received preliminary AAA ratings from Fitch Ratings and Moody’s Investors Service. According to Fitch, Chase will sell only the subordinateclasses to investors, retaining the senior tranche, which accounts for 87.7 percent of the MBS. To meet the FDIC safe-harbor requirements, Chase will also retain...