Mortgage-related securities issuance to fell to $476.6 billion in the third quarter, down from $495.8 billion in the third quarter of 2006 and from $617.1 billion in the previous quarter, according to the Securities Industry and Financial Markets Association's Research Quarterly."The lower volumes are attributable to continuing housing market weakness and depressed non-agency market conditions, especially in the subprime sector," SIFMA said in the report. The nonconforming market did show some improvement during the quarter relative to August, but "continues to be beset by reduced liquidity and historically wide spreads to the agency market," according to the association. SIFMA can be found online at http://www.sifma.org.
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