FTA: "There are more than $27 billion of outstanding bonds backed by non-qualified mortgages now, a small fraction of the approximately $10 trillion mortgage-bo

FTA: "There are more than $27 billion of outstanding bonds backed by non-qualified mortgages now, a small fraction of the approximately $10 trillion mortgage-bond market. In 2007, there were around $1.8 trillion of bonds backed by loans to non-prime borrowers." I'm gonna need to see a lot more than a tiny fraction of investors / loan makers dealing with non-QM bonds before I'd say that 2007-era silliness has come back. This looks a lot more like some banks filling in the gaps in the QM market than anything else.