Lehman's Loss Grows; Firm to Raise Capital
Lehman Brothers faced fresh criticism about its exposure to mortgage-related losses when the company posted a huge first-quarter loss and said it would seek to raise additional capital.
The company, which lost $2.8 billion in the three months ending May 31, said it has reduced its leverage and unloaded some $60 billion in net assets. Lehman Brothers said it reduced its exposure to residential mortgages, commercial mortgages and real estate assets by 15%-20% during the quarter. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/