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You're right, they do... not too shabby :P
Franklin Income ...
1.0M
$1,250,813 +1,444% 25.0%
Yield
Lehman may be preparing to make home loans again
http://seattletimes.nwsource.com/html/realestate/2010125207_lehmanloans25.html
Lehman may be preparing to make home loans again
Lehman Brothers Holdings, the investment bank brought down by the U.S. mortgage crash after 158 years, is set to return to funding home...
By Jody Shenn
Bloomberg News
Lehman Brothers Holdings, the investment bank brought down by the U.S. mortgage crash after 158 years, is set to return to funding home loans through its Aurora Loan Services unit, people familiar with the matter said.
Aurora, which helped make Lehman the top underwriter of mortgage bonds during the housing boom, has started hiring staff for the effort, they said.
The expansion comes even as New York-based Lehman is shrinking through asset sales, 13 months after filing for the biggest bankruptcy in history and selling its North American investment-banking unit to Barclays.
While Aurora will be forced to focus on the government-backed mortgages now accounting for 90 percent of new home loans, rather than the riskier debt it specialized in as recently as two years ago, reduced competition has made that market more profitable.
"For the ones that are left, there's opportunity," said Steve Jacobson, chief executive of Fairway Independent Mortgage in Madison, Wis.
His originations soared 67 percent from a year earlier to $2.6 billion in the first nine months of 2009.
Less competition has boosted per-loan profits, to $1,088 in the first quarter from $657 in 2004, according to Mortgage Bankers Association studies.
Aurora, once a specialist in so-called Alt-A mortgages, may start lending again through other companies and brokers, as well as directly to consumers, according to the people familiar with the plans. The Littleton, Colo., firm has remained a servicer of outstanding mortgages and is owned by Aurora Bank, formerly Lehman Brothers Bank. The bank unit didn't enter bankruptcy protection with its parent.
Subprime mortgages were offered to borrowers with the worst credit records.
Alt-A loans, a step above, were given to borrowers seeking atypical terms, such as a lack of income verification.
Aurora, Lehman and the U.S. Office of Thrift Supervision, the bank's regulator, declined to comment.
Lehman was the largest underwriter of so-called non-agency home-loan securities in 2007, when the market collapsed, selling $67.6 billion of the debt, or 9.6 percent of the total, according to newsletter Inside MBS & ABS. .
Lehman may be preparing to make home loans again
http://seattletimes.nwsource.com/html/realestate/2010125207_lehmanloans25.html
Lehman may be preparing to make home loans again
Lehman Brothers Holdings, the investment bank brought down by the U.S. mortgage crash after 158 years, is set to return to funding home...
By Jody Shenn
Bloomberg News
Lehman Brothers Holdings, the investment bank brought down by the U.S. mortgage crash after 158 years, is set to return to funding home loans through its Aurora Loan Services unit, people familiar with the matter said.
Aurora, which helped make Lehman the top underwriter of mortgage bonds during the housing boom, has started hiring staff for the effort, they said.
The expansion comes even as New York-based Lehman is shrinking through asset sales, 13 months after filing for the biggest bankruptcy in history and selling its North American investment-banking unit to Barclays.
While Aurora will be forced to focus on the government-backed mortgages now accounting for 90 percent of new home loans, rather than the riskier debt it specialized in as recently as two years ago, reduced competition has made that market more profitable.
"For the ones that are left, there's opportunity," said Steve Jacobson, chief executive of Fairway Independent Mortgage in Madison, Wis.
His originations soared 67 percent from a year earlier to $2.6 billion in the first nine months of 2009.
Less competition has boosted per-loan profits, to $1,088 in the first quarter from $657 in 2004, according to Mortgage Bankers Association studies.
Aurora, once a specialist in so-called Alt-A mortgages, may start lending again through other companies and brokers, as well as directly to consumers, according to the people familiar with the plans. The Littleton, Colo., firm has remained a servicer of outstanding mortgages and is owned by Aurora Bank, formerly Lehman Brothers Bank. The bank unit didn't enter bankruptcy protection with its parent.
Subprime mortgages were offered to borrowers with the worst credit records.
Alt-A loans, a step above, were given to borrowers seeking atypical terms, such as a lack of income verification.
Aurora, Lehman and the U.S. Office of Thrift Supervision, the bank's regulator, declined to comment.
Lehman was the largest underwriter of so-called non-agency home-loan securities in 2007, when the market collapsed, selling $67.6 billion of the debt, or 9.6 percent of the total, according to newsletter Inside MBS & ABS. .
I would think that is a pretty powerful statement since it's coming from the great BK Judge Peck.
Judge Peck: No worries Lehman has a HUGE PILE OF CASH.
Love this part of the press release...
http://www.reuters.com/article/bankruptcyNews/idUSN2311601120091023
Judge Peck denied the request, arguing that Lehman is highly liquid, and "sitting on a huge pile of cash" with assets of more than $15 billion. This would make it easier for Metavante to claim payments from Lehman in the event the contract moves in the company's favor, he said.
Did he say HUGE PILE OF CASH!!!!
Love this part of the press release...
http://www.reuters.com/article/bankruptcyNews/idUSN2311601120091023
Judge Peck denied the request, arguing that Lehman is highly liquid, and "sitting on a huge pile of cash" with assets of more than $15 billion. This would make it easier for Metavante to claim payments from Lehman in the event the contract moves in the company's favor, he said.
Did he say HUGE PILE OF CASH!!!!
I'm right behind you... I bought 3000 shares today @ 5.00. Now 13,000 shares. Let's make some money :P
Best of luck to all on this board.
New to the board...If I understand the news release correctly if I purchase 3000 share tomorrow (record date) I will have 4000 shares on December 7, 2009. Is that correct? What are your thoughts on this? Thinking about jumping in.
I thought this was a pretty good article explaining a company spin off...
http://money.outlookindia.com/article.aspx?90989
Wow, 991,000 buy @ .20
The roof is on fire :P
BURN SHORTIES!!!
Anything is possible. Lehman has the Aurora bank that is open for business and Wamu will hopefully have the extra funds after suing the FDIC and JPM. They both have 2 things in common they want pay back on JPM and they have the same world class BK team.
Great combination.
dmceng, not exactly sure how this is all going to play out, but it's sure looking good so far. Good luck to you.
Interesting, thank you.
This is HUGE news. It shows people that Lehman is going to stay in business, maybe not as Lehman, but as Aurora.
SPIN OFF!!! I'm very excited about this news.
This is HUGE news. It shows people that Lehman is going to stay in business, maybe not as Lehman, but as Aurora.
SPIN OFF!!! I'm very excited about this news.
Lehman Said to Return to Mortgage Market Through Aurora Unit
http://www.bloomberg.com/apps/news?pid=20601087&sid=ac8Lp.sBc7R4
Lehman Said to Return to Mortgage Market Through Aurora Unit
http://www.bloomberg.com/apps/news?pid=20601087&sid=ac8Lp.sBc7R4
Lehman Said to Return to Mortgage Market Through Aurora Unit
http://www.bloomberg.com/apps/news?pid=20601087&sid=ac8Lp.sBc7R4
Lehman Said to Return to Mortgage Market Through Aurora Unit
http://www.bloomberg.com/apps/news?pid=20601087&sid=ac8Lp.sBc7R4
Cool, can you copy and paste it here. ctrl+a, ctrl+c, and paste ctrl+p
Thank you!
Viva, are you with me on this...
If wamu gets the 4 billion on Thursday like they should... we will run too.
I know I'm locked and loaded for a run.
Did you forget to add some zeros for the volume?
I agree. This is not a MOMO play and it will not happen overnight. This is going to take some time and I think it will be well worth the wait.
and I haven't been filled either. I'm going to pull it now.
you should see me now on the ask .18 for 222. Do you? I need to find out if we are trading.
I'm not either, but I watch them. Doesn't appear that you are trading Js since the volume hasn't moved
yes, that is what I was trying to point out. Thought I was the only one trading :) Can you get a bid/ask... I can't on 2 platforms
quiet, commons are over 5m now.
I'm not seeing any trading of the preferreds again. What's going on? Anyone know?
Bob Diamond, go ahead and take that HUGE bonus... you are going to need it to support your family when you are in prison for fraud.
Take it, I dare you :P
Nice header: Barclays offered "lucrative" jobs to executives in Lehman Brothers handling the cut-price sale of assets to the British bank after the dramatic collapse of the US investment bank, according to documents filed with a US bankruptcy court.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6367290/Barclays-offered-lucrative-jobs-to-Lehman-Brothers-executives-court-documents-reveal.html
The court documents also show that senior executives knew they were selling the brokerage business at a $5bn discount to Barclays
Nice header: Barclays offered "lucrative" jobs to executives in Lehman Brothers handling the cut-price sale of assets to the British bank after the dramatic collapse of the US investment bank, according to documents filed with a US bankruptcy court.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6367290/Barclays-offered-lucrative-jobs-to-Lehman-Brothers-executives-court-documents-reveal.html
The court documents also show that senior executives knew they were selling the brokerage business at a $5bn discount to Barclays
I would suggest installing a seat belt on it as well :P
Oh boy, I would love to see those shorts get squeezed.
Just reverse it, give us the 50 billion back in assets and we will call it a wash :)
Also, we have this information too. Not sure how current or accurate the information is though...
http://finance.aol.com/company/lehman-bros-hldgs-inc/lehjq/nao/institutional-ownership
Here too... Please note the leader in the pack below... JPM
http://data.cnbc.com/quotes/LEHJQ/tab/8
Nice job Viva... very interesting.
Here is a link to a site that tracks commons... I don't know where to get CT or Preferred information like this.
http://www.mffais.com/leh