Despite earlier concerns this year that a downturn in the economic cycle might lead to a downtrend in the residential mortgage sector, volumes recorded for first quarter 2002 demonstrate the European market is withstanding the prognosis.

According to Standard & Poor's, the European RMBS market ended volumes at $9.3 billion from $6.6 billion recorded during the same period last year. With a total of 16 transactions, the volume represents a 41.6% increase.

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