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Lehmans plans to dump UK mortgage assets

Lehman Brothers is finalising a deal with BlackRock Financial to sell off the bulk of its UK residential mortgage assets, worth $4bn.

Richard Fuld, chairman and chief executive officer of Lehmans, has included the plan as part of the bank’s recovery strategy aimed at re-establishing confidence in the firm.

He says the first step of the plan, a senior management reshuffle announced last week, has resized and derisked the firm.

The strategy also involves creating an independent publicly-traded entity to give commercial property assets time to develop.

The bank expects the transaction with BlackRock to complete sometime in the next few weeks.

Fuld says the sale will reduce Lehmans’ exposure to the market by 47%.


Moodys downgrades B&B

Bradford & Bingley has been downgraded by Moody’s Investors Services in the face of weak capital and a dependence on funding from the Bank of England.The ratings agency says the outlook across all ratings is negative, delivering a blow to investor confidence in B&B assets.Moody’s says its assessment of expected losses indicate the buy-to-let lender […]

Your shout

My Client is likely to need bridging finance next month for about four weeks as he must buy his new home before the sale of his existing property is completed. Should I advise him against this in case the sale of his home falls through and he is stuck with an expensive bridging loan? If it goes wrong he will blame me but if he wants to go ahead, which are the best lenders to approach and what are the pitfalls?

Auto enrolment – so far so good?

Jamie Clark – Business Development Manager The recent report from the Pensions Policy Institute demonstrates the sheer scale of auto-enrolment so far and what we can expect in the future. We’ve pulled out the key information to save you reading the full report. Auto enrolment in numbers Sources: Pensions Policy Institute, The Future Book: Unravelling […]


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