(update: O.C. jobs)
Lehman Brothers said today it’s closing Irvine-based subprime lender BNC Mortgage due to market turmoil.
The closure impacts about 1,200 employees in 23 locations. Up to 40 percent of the jobs, or about 480 workers, are in Irvine, the company said
BNC stopped making loans, but will fund any already approved.
Lehman will continue to make loans via Aurora Loan Services LLC in Littleton, CO.
To read the release, CLICK HERE.
There is more of a market for loans right now than there has been in the last few years. Wall Street is not stupid and they know there is money to be made. They are just repositioning and revising their products to take advantage to this current need for homeowners and prospective buyers. There is a huge market out there for purchases as the bargins to be had are many. It is just a matter of time. As I have been saying, anyone who is left standing when the smoke clears will be the new kings of the mortgage industry.
Lou pacific
Real Estate and Mortgage Company Consultant
Serving OC for over 30 years
Does anyone know how many employees they had in Orange county?
kiss my BMW goodbye! this sucks.