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Lehman Supports Foreclosure Prevention.
WASHINGTON -- Lehman Brothers has contributed $1.25 million to the National Community Reinvestment Coalition to support the coalition's foreclosure prevention fund and homeownership initiatives, which includes going after lenders with restrictive lending policies.
The investment banking firm, which owns two nonprime mortgage companies, also agreed to abide by NCRC's best lending and servicing practices.
"Lehman Brothers is committed to making home financing available to consumers by originating and purchasing sound residential mortgage loans to creditworthy borrowers and by servicing such loans and engaging in collection activities in a fair and equal manner," a Lehman spokesman said.
Lehman owns subprime wholesaler BNC Mortgage Inc. in Irvine, Calif., and alt-A wholesaler and correspondent lender Aurora (Colo.) Loan Services Inc.
"We are delighted to join forces with Lehman Brothers to expand and sustain homeownership for all Americans," NCRC president and chief executive Paul ...
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