Lehman Brothers announced today that they are closing the BNC Mortgage group. BNC was a huge subprime player; and is further evidence that the subprime mortgage industry is dead, dead, dead.
The closure will result in the loss of approximately 1,200 jobs. Lehman will retain Aurora servicing as part of its business unit.
You can learn more at CNBC or Market Watch; the BNC web site says its merging with Aurora, but the news is reporting that Lehman is closing the unit.
More updates as they become available.
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[Source: Blown Mortgage]
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