Posts Tagged ‘Lehman Brothers’

Mortgage Industry Keeps Cutting Workforce

Written by Leatherneck on September 09, 2007 under Archives, Economic Impact, Job Losses

More than 15,000 jobs have been eliminated this week alone, as IndyMac Bancorp, National City Corp. and Lehman Brothers Holdings Inc. announced reductions. More than 100 mortgage companies have sought buyers or halted lending since the start of 2006. Countrywide Financial Corp., the nation’s biggest mortgage company, may reduce its workforce by 10,000 to 12,000 in the next three months, a 20 percent cut.

Lehman Cuts 850 More Jobs

Written by Leatherneck on September 07, 2007 under Archives, Job Losses

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.

Having Problems With The Lehman Brothers Timeline

Written by Leatherneck on August 23, 2007 under Archives, International, Investors, Job Losses

Are you having a difficult time with Lehman Brothers press releases? Did you suspect that what was said one day was the opposite of what you thought you knew? You aren’t alone. Here is a timeline for you to digest:

Lehman to Close BNC Mortgage

Written by Leatherneck on August 22, 2007 under Archives, Investors, Job Losses

Lehman, based in New York, will shut its BNC Mortgage LLC unit and cut about 4.2 percent of its workforce of more than 28,000. The closing will reduce its earnings by $52 million, Lehman said in a statement. Lehman shares, down 26 percent this year, fell 17 cents to $57.37. Lehman, the biggest underwriter of U.S. bonds backed by mortgages, became the first firm on Wall Street to shut its subprime-lending unit and said 1,200 employees will lose their jobs.

How Subprime Financing Works

Written by Timothy Blake on August 02, 2007 under Archives, Definitions

Banks like Merrill, Bear Stearns, Lehman Brothers and JPMorgan Chase have long been attracted to buying subprime loans from lenders because they can convert them into mortgage-backed securities and sell those bonds to hedge funds and other institutional investors. It’s been a profitable endeavor in the past few years for those companies that got into the market at the right time.

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