Stunning Collapse of Lehman, Buyout of Merrill Lynch Radically Reshape Landscape; Mortgage Risk Remains
September 19, 2008
Two of the major players in the mortgage securities market – Lehman Brothers and Merrill Lynch – saw their worlds turned upside down this week as financial markets continued to pummel Wall Street investment brokers. Together, Lehman and Merrill handled over a quarter of the underwriting for agency structured mortgage securities transactions last year. They also held a combined $102...