UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2002

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from _______________ to _________________

Commission file number: 1-13563

LASER MORTGAGE MANAGEMENT, INC.
(Exact name of registrant as specified in its charter)

DELAWARE
(State or other jurisdiction of
incorporation or organization)

22-3535916
(I.R.S. Employer
Identification No.)

c/o Mariner Investment Group, Inc.
780 Third Avenue, 16th Floor
New York, New York 10017
(Address of principal executive offices)
(Zip Code)

(212) 758-2024
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all documents and reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:

Yes X No ____

Indicate the number of shares outstanding of each of the issuer's classes of stock, as of the last practicable date: 14,038,983 shares of common stock, $0.001 par value, outstanding as of November 1, 2002.

LASER MORTGAGE MANAGEMENT, INC.

FORM 10-Q

INDEX

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II.

OTHER INFORMATION

Item 1.

Item 6.

Legal Proceedings

Exhibits and Reports on Form 8-K

21

21

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

LASER Mortgage Management, Inc.



                                                                              As of
Statements of Net Assets in Liquidation                    September 30, 2002      December 31, 2001
(Liquidation Basis)                                            (Unaudited)


Assets
Cash and cash equivalents                               $     19,229,752           $   2,960,185
Investment in securities                                              --              15,305,268
Investment in mortgage loans                                          --               2,004,114
Interest and principal paydowns receivable                         1,019               1,649,692
                                                        --------------------    --------------------

            Total assets                                      19,230,771              21,919,259
                                                        --------------------    --------------------

Liabilities
Repurchase agreements                                                 --               2,028,000
Accrued interest payable                                              --                  30,576
Accounts payable and accrued expenses                            324,970                 892,513
Reserve for estimated liquidation costs                          482,685                 524,937
                                                        --------------------    --------------------

            Total liabilities                                    807,655               3,476,026
                                                        --------------------    --------------------

            Net assets in liquidation                   $     18,423,116           $  18,443,233
                                                        ====================    ====================

LASER MORTGAGE MANAGEMENT INC 10-Q