Industry participants are gearing up for non-agency MBS backed by non-qualified mortgages, but don’t expect a flood of volume anytime soon. Four non-agency MBS backed by new nonprime mortgages were issued in 2015, the largest of which was a $150.35 million deal from Angel Oak Capital Advisors. None of the deals were subject to risk-retention requirements that took effect at the end of 2015 and none were rated. A rating on a non-QM MBS could improve...