Less credit worthy home buyers

clipped from news.moneycentral.msn.com Shares of both brokers fell following the release of results that deflated investor hopes lifted earlier this week by stellar results at Lehman Brothers Holdings Inc. . Bear Stearns shares rallied late in the session. All three investment banks were haunted throughout the week by the debacle in lending to less credit worthy home buyers. Lehman disclosed on Wednesday that it would merge two residential mortgage units, cutting 400 jobs.

I guess they like to make it sound that way when in reality most of those were to people at very high interest rates. Sometimes 3 or 4 points higher then the average, thus making their payments very high with no real chance of ever making it. At least the banks made about $20,000.00 at the closing though. . .