Investors doubt the market for home-loan securities without government backing will revive before 2012, according to Moody's Investors Service.

About 74% of participants at a June conference surveyed by the rating company responded that issuance, which essentially halted in 2007, will make a substantial "comeback" no sooner than 2012, Moody's analysts wrote in an Aug. 6 report.

Issuance peaked at almost $1.2 trillion in both 2005 and 2006. A limited revival was derailed in June when potential issuers had to adjust to new regulations requiring them to provide loan data and communications to all rating firms, plus later rule changes, said Linda Stesney, a Moody's managing director.

"The pipeline is just kind of starting to wake up again," she said in an interview, referring to potential sales of securities backed by new and older mortgages.

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