As expected, mortgage originators dominated the leading ABS issuers in 2003, according to numbers compiled by Thomson Financial. With the mortgage sector accounting for one-half of the entire market, it is hardly surprising that four of the top five issuers last year executed the majority of originations from mortgage product.

General Motors Acceptance Corp.'s mortgage lending unit GMAC-RFC dominated the market to the point where its 2003 issuance total was double that of the second most active ABS issuer. As the leading ABS issuer for the second year in a row, GMAC-RFC sold more than $50 billion of mortgage ABS to investors, accounting for almost 10% of total ABS supply last year.

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