BNC Mortgage Unit Shut By Lehman - 1200 Job Cuts!

[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]Today Lehman Brothers said that it's shutting its subprime-mortgage unit BNC Mortgage LLC and firing 1,200 people, becoming the latest company to stop offering home loans to less-creditworthy borrowers. According to an industry publication Inside B&C Lending, BNC was a top-20 subprime mortgage lender in 2006