There were 5,119 registrants at ASF 2012 - an impressive show of strength considering the issuance tally for certain market segments. But let's not forget: there've been only four Jumbo RMBS in the last three years.

As Absalon CEO Alan Boyce put it, anticipating the return of private label RMBS is like Waiting for Godot, the iconic play where the titular character never quite arrives. The analogy's a good one: the narrative of the mortgage market is looking more and more like a tragedy.

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