After playing second fiddle to 2004 leader Bear Stearns, UBS regains its former spot as the top manager in the first quarter league table rankings for agency and non-agency, according to MBS data maintained by Thomson Financial. UBS regained its former glory with $23 billion of mortgage product sold and a 12.5% market share. This replicates its earlier success when it topped the market over the same period last year with volume of $26.4 billion and a 14.1% market share.

Bear Stearns comes in as a not-so-close second with $21.8 billion in proceeds, equivalent to an 11.6% market share. Despite beating UBS in the 2004 totals, Bear placed second in last year's first quarter rankings as well, selling $22.8 billion although garnering a higher 12.2% market share.

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