The big question on everyone’s mind at the Mortgage Bankers Association’s National Secondary Market Conference in New York held this week was, when will we see a thriving nonconforming secondary again?

Answer? No one’s really sure. The market has seen two Jumbo MBS in the last four years (both by Redwood Trust of California) and some Jumbo and nonperforming loan whole sales. Not a very robust or liquid environment.

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