For the second year in a row, mortgage-backed securities powerhouse Lehman Brothers hit the No. 1 spot for year-to-date MBS securitizations, underwriting $35.1 billion in mortgage-backed deals for the first nine months of 1999, according to third-quarter findings from Thomson Financial - Securities Data Co.

Though the bank's proceeds for the same time frame decreased from last year's $50.4 billion, Lehman has maintained a No. 1 manager ranking consistently for the past two years, making them the reigning kings of MBS issuance.

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