Redwood Trust, Mill Valley, Calif., earned $18 million in the first quarter, a 61% decline from the same period a year ago as lower net interest revenue and negative valuation adjustments took a bite out of its performance.

But Redwood – the only firm to issue Jumbo MBS during the past two years – also reported that it is having a hard time finding Jumbo loans to purchase in the secondary market, telling shareholders: “The biggest obstacle we face today is volume.”

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