Not just realtors are going out of business. The 4th largest investment
bank in the nation, Lehman Brothers Holdings, is going to downsize its
mortgage lending sector and eliminate 1,300 jobs and a $40 million
dollar charge as a result of this change.

This comes after a previous cut of 2,500 jobs which they cut at the
start of the sub prime mortgage market crash. It has been reported that
shares of the organization fell 5.3%, taking a $3.05 loss from their
original $54.95 position.

These changes with employee numbers and business practices have and will
mainly affect their primary mortgage sector, Aurora Loan Services.
Although, Lehman says Aurora will still provide and service customers
with mortgage loans, just on a different and smaller basis.

In response to the the downsize, the global director of the mortgage
sector, Ted Janulis, said that "While it was necessary for us to
structure our mortgage origination businesses in the U.S. to reflect the
change in industry dynamics, we deeply regret the impact this action has
on our people,".