Hit by rising interest rates, slowing home price appreciation and tightening underwriting standards, U.S. RMBS volume fell 5% to $248 billion in 1Q07 from $261 billion a year earlier, according to data for both agency and non-agency issuance maintained by Thomson Financial.

The quarter was also marked by a shakeup in league table standings, as some underwriters pulled back involvement in the mortgage market - leaving others to pick up the slack.

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