London Mortgage Company Withdraw From Bad Credit Secured Loan Sector
A recent announcement from Lehman Brothers states that it will be withdrawing from the UK bad credit secured loan market and will close Southern Pacific Personal Loans and London Mortgage Company.
Lehman Brothers say they intend to focus on Southern Pacific Mortgage Limited and Preferred both of whom specialise in the sub prime, bad credit mortgage market place. Their intention is to consolidate part of LMC’s features and its sales force into these two brands.
This coincides with the investment bank announcing a global restructure, resulting in 850 job losses globally. In the UK it is expected there will be around 100 job losses.
This action in the UK bad credit mortgage market follows last month’s statement from Lehman Brothers that it was in the process of closing its US sub-prime mortgage subsidiary BNC Mortgage due to the sub-prime mortgage loan crisis rocking the US.
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