MBS, ABS Evaporate in 1Q
The volume of mortgage-backed security deals totaled $60.96 billion in the first quarter, down dramatically - nearly 78% - from $273.88 billion in the first quarter of 2007, according to Thomson Financial. Asset-backed securities were even farther down, more than 86%.
The figures are preliminary because the numbers are revised upward - often significantly - as additional deals are reported after the end of each quarter.
Bear Stearns & Co., whose near-bankruptcy recently rocked Wall Street, led the rankings of MBS underwriters in the first quarter with a 13.4% market share, compared with 7.8% in the first quarter of 2007. Deals managed by Bear Stearns totaled $8.16 billion, down from the $21.41 billion recorded a year earlier, according to the data.
Credit Suisse finished second in the rankings with a 12.9% market share, up from 7% a year earlier, while its volume totaled $7.86 billion, down from $19.1 billion. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/