Managing directors in mortgage-backed securities operations continue to fall by the wayside as top firms close or significantly reduce their participation in the market, amid heavy refinancing of loans by consumers.

The latest was Kevin Finnerty, managing director in charge of mortgage operations at the Union Bank of Switzerland, who resigned last week. His resignation followed the previous week's departure of Ranjit Kripalani, who was managing director of Chase Manhattan Corp.'s mortgage-backed operation.

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