Lehman Brothers has made plans to shut down its BNC Mortgage LLC subsidiary in a move that affects about 1,200 employees in 23 U.S. locations.The Wall Street firm cited "market conditions have necessitated a substantial reduction in its resources and capacity in the subprime space" as the reason for the shutdown. Lehman will continue to originate mortgages in the U.S. through its Aurora Loan Services LLC platform. As a result of the BNC closure, the company will record related after-tax charges, including severance, real estate and technology costs, of approximately $25 million, and a 100% after-tax goodwill write-down of approximately $27 million. Lehman can be found on the Web at http://www.lehman.com.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
2h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18