Lehman Brothers has announced a new loan modification programme for its European mortgage business, replicating similar measures that it had previously adopted in the US. It entails several alternative strategies that can be applied to borrowers in danger of defaulting. These include payment deferrals, maturity extensions, amendments to interest rate terms, capitalization of arrears and acceptance of a shortfall on sale. “We have many customers facing rate resets,” says Adrian Mitri, director of servicing at Lehman Brothers.
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