Bank of America Corp. hired Michael Mazzei from Barclays PLC to head its commercial real estate debt capital-markets business.

Mazzei, a 25-year industry veteran, will oversee origination and securitization of commercial mortgages, and syndicated and term loans for real estate companies. He joined Barclays' investment bank in 2004 after a stint with Lehman Brothers.

The commercial-mortgage bond market shut down last year as the credit crisis sapped demand for the debt.

The last sale was in June 2008 and was underwritten by Bank of America and Barclays.

The government has made reviving the market for commercial mortgaged-backed debt a cornerstone of its program to stimulate lending. The Federal Reserve opened up its Term Asset-Backed Securities Loan Facility to newly issued commercial real estate securities in June, though no sales have been completed.

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