Lehman and NCRC Form Foreclosure Prevention Pact

Lehman Brothers has contributed $1.25 million to the National Reinvestment Coalition to support the coalition's foreclosure prevention funds and homeownership initiatives.Lehman Brothers, which owns two nonprime mortgage companies, also agreed to abide by NCRC's best lending and servicing practices. "We are delighted to join forces with Lehman Brothers to expand and sustain homeownership for all Americans," NCRC president and chief executive Paul Taylor said. The investment banking firm owns subprime wholesaler BNC Mortgage Inc., Irvine, Calif., and alt-A wholesaler and correspondent lender Aurora (Colo.) Loan Services Inc. "Lehman is committed to making home financing available to consumers by originating and purchasing sound residential mortgage loans to creditworthy borrowers and by servicing such loans and engaging in collection activities in a fair and equal manner," a Lehman spokesman said.