Although total residential mortgage originations will likely be off by 30% this year, securitization levels for private-label mortgages are off by only about 15%, according to Standard & Poor's Ratings Services.S&P forecast on July 15 that $475 billion in residential mortgage-backed securities will be issued in 2004, down from approximately $550 billion in 2003. S&P can be found on the Web at http://www.standardandpoors.com.

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