Mortgage market veteran and trading wunderkind Howard Rubin, one of the pioneers of the collateralized mortgage obligation market and considered by his peers to be an important mortgage-backed securities innovator, quit from his current position as chief of MBS trading at Bear, Stearns & Co. last week in order to spend more time with his family. Rubin was at the company for 12 years.

Forever immortalized as a trading genius in the 1989 book Liar's Poker, which chronicled the golden era of the 1980s MBS market, Rubin, 47, started in the industry in 1982 at Salomon Brothers, where he worked under Lew Ranieri on the CMO trading desk and became one of Wall Street's most successful MBS traders. Ranieri once called Rubin "the most innately talented young trader I have ever seen."

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