Lehman Said to Return to U.S. Mortgages Through Unit (Update1)
Oct 21, 2009 | No Comments | Sean Mills
Another great idea eh? The only late I have ever had on my credit, yep you guessed it, Aurora. Loan servicing transfer twice in a month finally landed at WaMu. Everyone is paid and happy except Aurora. By the way it was never late and I have documentation to prove it but with the great [...]
Another great idea eh? The only late I have ever had on my credit, yep you guessed it, Aurora. Loan servicing transfer twice in a month finally landed at WaMu. Everyone is paid and happy except Aurora. By the way it was never late and I have documentation to prove it but with the great credit reporting system we have it is still on there. 9 years later I am still fighting this and requesting for it to be removed.-Sean
Oct. 21 (Bloomberg) — Lehman Brothers Holdings Inc., the investment bank brought down by the U.S. mortgage crash after 158 years, is set to return to funding home loans through its Aurora Loan Services unit, people familiar with the matter said.
Aurora, which helped make Lehman the top underwriter of mortgage bonds during the housing boom, has started hiring staff for the effort, said the people who declined to be identified because the plan isn’t public.
The expansion comes even as New York-based Lehman is shrinking through asset sales, 13 months after filing for the biggest bankruptcy in history and selling its North American investment-banking unit to Barclays Plc. While Aurora will be forced to focus on the government-backed mortgages now accounting for 90 percent of new home loans, overseas online pharmacy rather than the riskier debt it specialized in as recently as two years ago, reduced competition has made that market more profitable.
“For the ones that are left, there’s opportunity,” Steve Jacobson, chief executive officer of Madison, Wisconsin-based Fairway Independent Mortgage Corp., said in an interview. His originations soared 67 percent from a year earlier to $2.6 billion in the first nine months of 2009.
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