Lenders have begun making mortgages under new rules designed to ensure that borrowers can repay their debt, and rating agencies are finalizing assessments of how risky these loans are. But it remains to be seen how such loans will be securitized, and how much appetite investors have for such deals.

The ability-to-repay (ATR) rule became effective Jan. 10, and RMBS containing mortgages subject to it (qualified mortgages, or QM) as well as those falling outside it (non-QM) are no doubt on the drawing board if not in the works, as issuers run out of earlier loans to securitize.

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