Non-agency RMBS outstanding is expected to decrease to less than $1.1 trillion when the Federal Reserve reports fourth quarter 2011 data in March, according to an emailed note from Standard & Poor's this morning.

S&P believes that this downward trend will continue this year. Non-agency RMBS outstanding went down 48% to $1.13 trillion in 3Q11 from $2.18 trillion back in 2007.

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