Though some market players are starting to find value in non-agency conforming Alt-A paper - these are Alt-A loans under the $275,000 agency limit found in non-agency pools - others are saying that there is just not enough Alt-A collateral left, as most of the supply is going the way of the agencies.

According to a recent report by UBS Warburg, non-agency, conforming, Alt-A paper is very cheap at current pricing.

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