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subprime: Breaking News: Lehman Brothers Closes BNC Mortgage - 08/22/07 02:13 PM
Lehman Brothers has just announced that they are closing their subprime mortgage unit, BNC Mortgage. The move will mean the loss of approximately 1200 jobs in 23 locations. They stated that current market conditions have forced them to reduce its resources and capacity in the subprime market.
The complete article is here.
Lehman Brothers also owns Aurora, a large Alt-A lender. Could they be next?
… (11 comments)
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subprime: Accredited Home Lenders Facing Bankruptcy - 08/02/07 05:14 PM
Looks like Accredited may finally give up the ghost. See below, from Bloomberg.com:
Accredited May Face Bankruptcy, Merger in Doubt (Update3)
By Bradley Keoun
Aug. 2 (Bloomberg) -- Accredited Home Lenders Holding Co., the subprime mortgage company being acquired by Lone Star Funds, cast doubt on the sale and said bankruptcy is possible. The shares lost more than a third of their value.
``Several of our competitors have recently stopped originating loans or sought protection under bankruptcy laws,'' Accredited said in a regulatory filing today. ``We may suffer a similar fate.''
Wall Street firms and banks that finance the San Diego-based company's lending … (4 comments)
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subprime: Wells Fargo Sub-prime bites the dust! - 07/26/07 01:24 PM
And another giant falls. Here's the link: http://biz.yahoo.com/rb/070726/wellsfargo_nonprime.html?.v=1
I hate to see it - I've had great success with Wells Fargo subprime over the years. They eliminated the 2/28 product earlier this week and several other lenders followed suit. I believe the 3/27 ARM will be next; the 5/25 ARM is much more stable anyway. When the subprime crisis began to take shape, Wells was among the first to eliminate the lower credit tiers, so this wasn't entirely unexpected. It's a shame that 170 people are out of work, though.
Since they were based in Baton Rouge, it looks like I'll be adding … (0 comments)
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Gareth Bourriague - Benchmark Mortgage
Baton Rouge,
LA
More about me…
Benchmark Mortgage of Louisiana
Address: 8704 Jefferson Highway, Suite B, Baton Rouge, LA, 70809
Office Phone: (225) 927-5282
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