The first recently originated private-label/Jumbo securitization to hit the market since 2008 shows a deal of this type can be issued despite today's uncertain regulatory environment, but in such an environment the kind of immediate business incentives needed to bring a full market together to do such deals are still not clear.

"It is very good that a deal has been done, but you cannot declare a market from one deal," said Richard Dorfman, the head of the Securities Industry and Financial Markets Association's securitization group and the former president of the Federal Home Loan Bank of Atlanta. "Will it trade? We need to see what profitability was there, why it was bought and who bought it. We need to learn what there is to learn from it, and use the information from this and any other new deals as we work to revive this essential market."

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