U.S. mortgage-backed securities (MBS) issuance dropped nearly 70% year-over-year, according to a survey performed by Thomson Reuters, the Reuters news agency reports.
First-quarter MBS issuance this year totaled $21.6 billion as compared to the $68.2 billion total from the first quarter of 2008.
Agency MBS accounted for almost all of the securitizations, Thomson Reuters analyst Matthew Toole says. According to the survey, Bank of America was the leading underwriter in the first quarter, with a market share of 22.7%. Barclays Capital and Goldman Sachs & Co. were second and third, respectively.