UK Money News
1st April 2008
Lehman to end lending at sub-prime subsidiaries?
Press reports have cast doubt over the future of Lehman Brothers operations in the UK mortgage sector.
According to Mortgage Adviser, the US investment bank is considering suspending all new lending at its subsidiaries Pacific Mortgage Limited and Preferred Mortgage.
The two companies specialise in sub-prime lending, which has become increasingly less viable in the face of the credit crunch.
An unnamed source told the property site that Lehman could also be set to tighten lending criteria for existing customers.
These are expected to particularly impact on those borrowers with poor credit records who are seeking to renegotiate new terms at the end of their fixed rate periods.
News of developments at Lehman comes as the firm last year closed its lending divisions its Southern Pacific Personal Loans and London Mortgage Company, with the result that 177 employees were made redundant.
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