Lehman Cuts Jobs at ALS, BNC

Lehman Brothers has trimmed roughly 300 workers from two of its nonprime mortgage affiliates -- Aurora Loan Services of Colorado and BNC Mortgage, Irvine, Calif., industry officials have confirmed to MortgageWire.It may also close one of its office locations in Irvine, executives said. "They're going to wind down that office in 90 days," said one lending executive, adding that he is receiving resumes from freshly fired ALS workers in Southern California. The cuts were made on Jan 25. Lehman would not comment for the record, but a source familiar with the matter confirmed that there were layoffs, blaming them on reduced production volumes in the industry and the "downward side of the mortgage cycle." ALS is the nation's top-ranked alternative-A lender, according to the Quarterly Data Report, an MW affiliate. BNC ranks 14th among subprime funders.