Royal Bank of Scotland Group overtook Bear Stearns as the top U.S. RMBS underwriter as 3Q06 came to a close, according to data maintained by Thomson Financial.

RBS brought nearly $80 billion in deals to market, garnering a 12% market share in the first three quarters of this year. This is compared to $66.7 billion worth of deals and an 11.1% market share at this time in 2005, which had earned it a second place finish behind the then number one Bear Stearns. In the third quarter, RBS brought $24.6 billion worth of deals, earning a 12.2% market share - just over its second quarter, second place finish, when it brought $28.7 billion in deals and earned an 11.7% market share.

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