Lehman to Fund Some Loans for MLN

Lehman Brothers will fund some loans that were in the pipeline when Mortgage Lenders Network of Connecticut closed its wholesale operations late last month, sources have confirmed to MortgageWire.When MLN ceased table-funding loan brokers -- including some in the Northeast -- consumers that had loans in progress were caught off-guard. At deadline time, MLN's spokesman could not be reached for comment. Lehman declined to comment. An investment banking source said Lehman is engaged in talks with MLN about taking over some of its wholesale operations, but others note that MLN likely would not receive much in the way of hard cash. "I can't imagine that MLN is paying any [account executives] that worked in the wholesale group," said one adviser. "But they will need certain people to wind down the operation, so maybe some are still on payroll."