Clock is ticking to get cases to Lehmans

Packagers and brokers have been given until 5pm today to get cases to Lehman Brothers\' two UK brands Southern Pacific Mortgage Limited and Preferred Mortgages.

After that point a source close to the firm says that all funds booking will cease.

In addition, the managing director and chief executive officer of Lehmans’ European Mortgage Capital Division, Bill Bilsborough has left the company.

Simon Hinshelwood, who is currently managing director of SPML and Preferred, will also be leaving at the end of April.

Lehmans has continued to refuse to make any official comment on rumours sweeping the industry that the US giant is looking to shut down both SPML and Preferred.