The mortgage-backed-security market is experiencing strong growth this year, with the $4 billion worth of jumbo loans sold by lenders in the first quarter eclipsing the total for all of 2012. The $16 billion pace, however, represents a small proportion of the total projected jumbo loan market. "The vast majority of jumbo loans aren't securitized still, and the [secondary] market has a long way to go to be any reflection of what it used to be before the housing crash," said Guy Cecala of Inside Mortgage Finance.

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