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Sep 15, 2008 Lehman ready to sell assets worth £2.3bn
Mortgage assets worth £2.3bn of Lehman Brothers are now up for grabs by BlackRock Financial Management. Talks have begun between the two parties after Lehman Brothers decided to retreat from residential mortgages.
The assets which BlackRock Financial Management has decided to buy were raised primarily through UK sub-prime lending groups like London Personal Loans (LPL), Southern Pacific Mortgages (SPML), London Mortgage Company (LMC), Southern Pacific Personal Loans (SPPL), and Preferred Mortgages. Customers having "unlimited adverse" profiles and those even in the prime bracket were offered an array of mortgages and secured loans. However, Lehman was not willing to disclose much about the assets they were planning to sell to BlackRock Financial Management. A press spokesperson said that they were not ready to reveal further deals regarding the deal as it is between the two parties to be completed by the fourth quarter. However, in th finacial market, the dealings were as transparent as it could be. This move was made public after speculations that Lehman was finding hard to raise capital. Ilehman Brothers stated that it was trying to reduce its dealings with "commercial real estate" and “residential mortgages." |
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