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Morgan Stanley Non-Agency Mortgage Trader DePietro Said to Leave

Morgan Stanley’s Michael DePietro, head of trading for U.S. home-loan bonds without government backing, left the firm amid a slump in the market, according to three people familiar with the matter.

DePietro, an executive director at the New York-based bank who led U.S. non-agency residential mortgage-backed securities trading, departed this week along with Steven Sasson and another member of his group, said two of the people, who declined to be identified because the moves weren’t public.