Investment banks and large conduits dominated the subprime securitization market in 2002 as total issuance soared to new heights. Overall, some $134.04 billion in new securities backed by subprime mortgages were issued in 2002, a 40.2 percent rise over 2001’s $95.58 billion in volume. The record-breaking performance was driven by a surge of issuance in the second half of the year: in the third and fourth