The securities firm is continuing to cut its mortgage operations due to the collapsing mortgage market. Aurora Loan Services, LLC, a Lehman unit, will shut down its mortgage centers in California, Florida, and New Jersey. It will also stop funding loans made through outside brokers. The firm will incur a charge of $40 million to reflect severance expenses.
Last year, Lehman cut 2,450 jobs when it shut down its subprime-mortgage unit and fired staff in Aurora.
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