Lehman Brothers Holdings Inc., the brokerage that shut its subprime mortgage business last month, is cutting 850 more jobs, mostly at a U.S. subsidiary catering to borrowers with better credit scores, as the nation’s faltering housing market takes its toll on Wall Street.
Lehman, the biggest underwriter of U.S. mortgage bonds, is also closing its Korean home loan business, the New York-based firm said in a statement today. The bulk of the firing will be at Aurora Loan Services LLC, the U.S. unit that makes so-called Alt- A loans to borrowers whose credit ratings fall just short of standards for regular prime mortgages.
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