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No Interest in ALS Servicing.
Byline: Paul Muolo
New York-Lehman Brothers Holdings, which filed for bankruptcy protection last fall, has been shopping around its alt-A servicing division in recent months but with no buyers.
At one point, the unit, Aurora Loan Services of Colorado, had $120 billion in servicing rights on its books. It's unclear how fast that portfolio is running off and how much of the receivables there entail servicing vs. subservicing contracts.
"Aurora has been shopped by Lehman Holdings for the last several months," said one investment banker, "but there have been no takers that I'm aware of."
The investment banker, requesting anonymity, said Lehman was trying to sell the unit itself, without an outside advisor.
ALS was both a funder and servicer of alt-A loans but also had ventured into subprime in ...
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Source: HighBeam Research, No Interest in ALS Servicing.