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Lehman Brothers suspends lending

Lehman Brothers has confirmed it is closing its two UK subsidiaries, SPML and Preferred.

In February the bank announced it would scale back origination in the UK whilst continuing to service existing mortgage customers. But today it has confirmed it will suspend lending at the two mortgage arms.

Managing director Simon Hinshelwood said in a notice to brokers: “We are determined to ensure that this process is conducted professionally and that any disruption to your business is kept to a minimum. We will be in touch in due course to confirm further details.”


FSA finds areas of non-compliance with arrears rules

The FSA has found areas of non-compliance by firms with arrears rules as part of the second stage of its mortgage effectiveness review.It says it is undertaking focused thematic work on the arrears management practices of firms to establish whether such problems are indeed occurring. The results will be published in June.It says the second […]

Bear necessities

As I enjoyed a couple of weeks R&R, far away from the problems of the credit crunch, the near collapse of Bear Stearns almost scuppered an article I had prepared in anticipation of my absence. The day was saved by satellite TV, the internet and an unusually understanding wife. I was grateful that I had bought her some jewellery on the flight to our destination.

Swip picks Skinner for bond role

Scottish Widows Investment Partnership has appointed Guy Skinner as investment director, government bonds.

Fund sales recover from outflows

Fund sales took an upturn in February after massive outflows in January but were still less than a third of business in February 2007.Figures from the Investment Management Association reveal net retail sales of £309m in February showing a recovery from an outflow of £534m in January.The specialist sector saw the biggest net retail inflows […]


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