The dramatic fall in RMBS activity is clearly demonstrated by the numbers. According to Thomson Reuters, industry totals for the period covering the first quarter to the third quarter of 2008 only reached $176.3 billion compared with $829.5 billion over the same period last year.

This is a reflection of the lack of desire on the part of securitization players to come to market with residential mortgage deals. However, there were some big leaps in underwriting volume, specifically Barclays Capital, reported Thomson. It jumped to No. 4 from placing 15th in the first three quarters of last year.

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