BNC Mortgage Inc.

BNC Mortgage originates sub-prime residential mortgages for customers who don't meet standard lending criteria. The company then sells virtually all of its loans, including servicing rights, into the secondary market for cash.

BNC's sub-prime wholesale division works with about 11,500 independent loan brokers and accounts for a majority of the company's loan originations. Its wholesale prime division buys and sells mortgages for high credit borrowers.

BNC Mortgage has about 50 offices throughout the US. In 2000 Lehman Brothers helped once publicly-traded BNC go private by financing management's purchase of the company, then three years later it exercised its option to buy BNC outright.

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