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KIDDER PEABODY TOP CMO UNDERWRITER,

 WASHINGTON, Jan. 11 /PRNewswire/ -- For the third straight year, Kidder Peabody was the top underwriter of agency-backed CMOs and REMICs. According to Inside Mortgage Securities' year-end ranking, Kidder easily was the largest underwriter of CMOs/REMICs in 1992 with a huge $54.1 billion in business and 96 deals.
 Kidder lead managed nearly 20 percent of the record high $278.7 billion in agency-backed CMOs and REMICs produced in 1992.
 Inside Mortgage Securities (formerly Inside Mortgage Capital Markets), is a Bethesda, Md.-based newsletter that provides a quarterly ranking of mortgage-related security issuers and underwriters as part of its weekly reporting on the mortgage securities market.
 In a somewhat distant second place among CMO/REMIC underwriters was Bear Stearns with $32.2 billion in business as part of 54 deals last year. Bear Stearns was the third largest agency-backed CMO/REMIC underwriter in 1991.
 (Note: Agency-backed CMOs/REMICs are multiclass securities backed by existing Fannie Mae, Freddie Mac or Ginnie Mae MBSs. For purposes of these rankings, full credit was given to the lead manager of a transaction. Volume was generally credited on the pricing date of a security.
 In third place was Lehman Brothers with $28.1 billion in agency- backed CMO/REMIC underwriting business in 1992 as part of 51 separate transactions. In fourth place among CMO/REMIC underwriters was Salomon Brothers with $27.2 billion in volume as part of 40 deals. Rounding out the top five CMO/REMIC underwriters in 1992 was Goldman Sachs with $24.1 billion in business and 44 transactions.
 The top five firms lead managed $165.7 billion in agency-backed CMOs and REMICs in 1992 -- or 60 percent of the total market. Overall, 22 different firms underwrote 581 different agency-backed CMO or REMIC offerings last year.
 In the separate private-label MBS market, Lehman Brothers easily remained the top underwriter in 1992 with $14.2 billion in volume and 45 deals, according to Inside Mortgage Securities' year-end ranking.
 Lehman's business was up a huge 103 percent from 1991's level when the firm was also the top underwriter of private-label MBSs.
 Kidder Peabody, the most active underwriter of agency-backed CMOs and REMICs, moved into second place among private-label MBS underwriters in 1992 with $11.6 billion in business as part of 43 deals. In 1991, Kidder ranked fourth among private-label MBS underwriters.
 In third place among private-label MBS underwriters in 1992 was First Boston with $10.4 billion in business and 39 deals. First Boston's volume was up 160 percent from 1991's level when the firm ranked sixth among private-label MBS underwriters.
 Rounding out the top five private-label MBS underwriters in 1992 were fourth place Merrill Lynch with $10.2 billion in business and 34 deals, and fifth place Bear Stearns with $8.7 billion in volume and 26 deals.
 Overall, 19 different firms underwrote $86.4 billion in private- label MBSs as part of 311 separate transactions. Private placements, with no underwriters, totalled $3.1 billion in 1992. Newcomers to the private-label MBS underwriting business in 1992 included Sears, Nomura, NationsBank Capital Markets and Daiwa.
 A complete ranking of all mortgage security underwriters in 1992, as well as year-end statistics on the mortgage-related securities market can be obtained from Inside Mortgage Securities.
 -0- 1/11/93
 /CONTACT: Guy Cecala, editor and publisher, Inside Mortgage Securities, 301-951-1240/


CO: Inside Mortgage Securities ST: District of Columbia IN: FIN PUB SU:

TW -- DC014 -- 3575 01/11/93 13:21 EST
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Date:Jan 11, 1993
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