Reaping the benefits of last year's spate of mega-mergers, the newly formed UBS Warburg/PaineWebber managed to eke out a victory over another recently consolidated competitor, Credit Suisse First Boston/DLJ, grabbing the No. 1 slot for residential MBS underwriters for the first quarter of 2001, according to Thomson Financial Securities Data.

Warburg's $11.63 billion in MBS proceeds for the quarter was enough to edge out CSFB's $11.5 billion, but the two mortgage powerhouses are running neck-in-neck: Warburg accounted for 16.9% of the market share, while CSFB represented 16.7% market share for combined public and Rule 144A MBS issuance.

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