Wednesday, August 22, 2007

BNC Mortgage Unit Shut By Lehman - 1200 Job Cuts!

[This post is written and copyrighted by FIRE Finance (]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

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