J.P. Morgan is rethinking its forecast for non-agency RMBS issuance; it now expects 2014 volume to fall short of the $15 billion it had anticipated at the start of the year.

“It seems unlikely to expect that much this year given we are already two months into the year and we’ve barely seen $1 billion in issuance,” John Sim, head of non-agency MBS research the firm, said at a securitized products research conference Thursday.

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