Despite its current difficulties, Bear Stearns took the top spot in the U.S. RMBS manager rankings for 1Q08, according to Thomson Financial data. The bank rose from a second place finish for all of 2007 and third place in the first quarter of last year.

But volume was hardly impressive for any of the banks topping the league tables this quarter as investors continue to scorn the sector and banks continue their attempt to bandage wounded balance sheets. Total volume for U.S. RMBS managers in 1Q08 fell to $61 billion from $273.9 billion in 2007 with 111 issues down from 351, according to Thomson.

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