Lehman Announces Layoffs, Name Change

Lehman Brothers, who earlier closed its sub-prime lending arm, BNC Mortgage, announced further changes and consolidation of its mortgage unit.  The Wall Street firm, owners of Aurora Loan Services, announced the closing of one of its Regional Operating Centers and renamed its mortgage operations Lehman Mortgage Capital.  If you received the Mortgage Lender Implode-O-Meter premium service you'd already know this by now.  In an email to affected brokers the company wrote: Today Lehman Brothers announced the completion of the restructuring plan for its residential mortgage origination business. The plan sizes the business appropriately for the current market environment. The Firm also announced that it will rename its existing mortgage origination and servicing busine