The Bond Market Association has reported that a managing director at Lehman Brothers will head its mortgage- and asset-backed securities division in 2004.David N. Sherr, head of Lehman's global mortgage business, will serve as chairman of the division and Thomas Marano, senior managing director and global head of the mortgage and asset-backed securities departments at Bear, Stearns & Co., will serve as vice chairman. The association can be found on the Web at http://www.bondmarkets.com.

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