The administrators to Lehman Brothers in the UK are close to selling a £900m portfolio of sub-prime mortgages, for a price of about 50p in the pound, The Telegraph reports.
Lehman was one of the largest players in the high-risk end of the mortgage market in the UK. PricewaterhouseCoopers, which is handling the administration of Lehman in London, set up an auction for one bundle of sub-prime loans as well as other assets including its Capstone servicing business, which employs 450 people. Second round bids for the portfolio must be tabled before the end of January. Several private equity groups and vulture funds are understood to be interested, including America's Apollo and Blackstone. THE IRISH BANKING SYSTEM was the latest to receive state assistance o...
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