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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.”

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