Issuance of new non-agency mortgage-backed securities will resume when the financing structure is economical, according to attendees at the American Securitization Forum’s ASF 2012 conference last week in Las Vegas. Just what it will take to make non-agency securitization economical remains to be seen, though some suggest that regulatory uncertainty plays a major factor. “We have not seen much of a test of the non-agency market because it’s not economical,” said Peter Sack, a managing director and co-head of real estate and mortgage finance at Credit Suisse. “The bank portfolio bid is strong.” ...