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Lehman Brothers to close US sub-prime mortgage subsidiary BNC Mortgage

Lehman Brothers is closing its sub-prime mortgage subsidiary BNC Mortgage, losing 1,200 jobs across 23 US locations.

In a statement the company says: “Market conditions have necessitated a substantial reduction in its resources and capacity in the sub-prime space.”

Lehman will continue to originate mortgages by its Aurora Loan Services platform that focuses on Alt-A mortgages which are closer to meeting prime mortgage standards.

According to reports, the firm will record $25m in after-tax charges and a 100 per cent after-tax goodwill write-down of approximately $27m.

This announcement comes just after another lender, Accredited Home Lenders, said it would be cutting 1,600 jobs.


Sipp providers hit out at rivals over in specie contributions

Rowanmoor and IPS Pensions have criticised Sipp providers which do not allow in specie contributions, saying they are hiding behind poor IT systems.Pointon York Sipp Solutions said last week it is now allowing in specie transfers of commercial property into its Sipp. Along with some other firms, it stopped transfers after HMRC expressed concerns in […]

Miton hits the ejector button

MitonOptimal says it has concerns about blackbox investment strategies and sold out of the JP Morgan Highbridge statistical market-neutral fund just before it fell by almost 7 per cent in less than a week.

Atkins leaves Premier Mortgage Service

Premier Mortgage Service has announced that PMS head Steve Atkins is resigning from the company. PMS has put out a statement saying that Atkins, who was taken on a year ago as part of a succession plan for managing director John Malone, is leaving but is understood not to be going to another firm.Atkins says: […]


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