Lehman linked with negative equity mortgage deal

ABS grapevine says bank working with Pan Asian Mortgage Co. on securitization issue.

Lehman Brothers is believed to be working with Hong Kong's Pan Asian Mortgage Company Pamco on a securitization of negative equity mortgages. Although it is bank policy to not comment on market speculation or deals it is working on, FinanceAsia has heard from a number of Asian securitization bankers that it is an open secret that Lehman has had the mandate for some time.

A source at Pamco declined to substantiate the story but admitted the company will continue to look at securitization opportunities. I cannot really comment other than to say that we are looking at the possibility of doing a deal backed by negative equity mortgages, the official says.

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