Moody's Investors Service has downgraded the servicer quality rating of Aurora Loan Services, a statement said. Aurora is a subsidiary of Lehman Brothers Bank, which is owned by Lehman Brothers Holdings. "Moody's rating action follows announcement by Lehman that it was filing for Chapter 11 bankruptcy protection after its failure to reach a merger agreement with a stronger strategic partner," the ratings agency said.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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