Investment bank Lehman Brothers Holdings Inc. on Thursday said it would stop U.S. wholesale mortgage lending because of a continued slump in credit and housing markets, a move that will cut 1,300 jobs and result in a $40 million charge.
Lehman said it will suspend wholesale and correspondent lending at its Aurora Loan Services unit.
As part of the job cuts, Aurora is closing operations centers in Lake Forest, California; Sunrise, Florida, and Florham Park, New Jersey. Lehman also said it will record a charge for severance, technology and facilities exit costs.
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Lehman said it will suspend wholesale and correspondent lending at its Aurora Loan Services unit.
As part of the job cuts, Aurora is closing operations centers in Lake Forest, California; Sunrise, Florida, and Florham Park, New Jersey. Lehman also said it will record a charge for severance, technology and facilities exit costs.
Story contributed by Reuters: Read More
