When it comes to the future of mortgage securitizations, it's safe to say the entire business is up for grabs, but nowhere is that more apparent than in the market for issuing bonds backed by "nonqualified" residential loans.

Of course, it might be argued that (currently) the business of issuing MBS backed by nonprime mortgages is nonexistent, that is, except for last year's $238 million jumbo MBS deal from Redwood Trust, a publicly traded REIT based in Mill Valley, Calif.

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