Many have argued that loan quality today has got to be better than the last time anyone issued new private-label RMBS on a regular basis, and now how much better has even been publicly quantified, which could add to momentum for new issuance.

We got some new numbers on this last week because Fitch Ratings recently looked at a sample of about $350 billion to $400 billion in securitized loans from private-label deals issued between 2005 and 2008, a little under $50 billion of which were underwritten within today's FICO and LTV limits.

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