They were in the process of or contemplating obtaining a jumbo reverse mortgage with a company who sold their product to Lehman... The only ray of sunlight in this cloudy scenario for senior homeowners is the recent passage of the Housing and Economic Recovery Act, H.R. 3221

The decision by Lehman Brothers to file a petition under Chapter 11 of the U.S. Bankruptcy Code, in New York on September 15, is the latest in a swathe of financial skittles being systematically ploughed to the ground by the credit crisis in the West.

Stock markets have crashed and the rupee hit a low of 46 against the US dollar on Monday morning following news of further trouble in the US financial markets.

Lehman Brothers Holdings Inc. announces it intends to File Chapter 11 Bankruptcy Petition. No other Lehman Brothers' U.S. subsidiaries or affiliates, including its Broker-Dealer and Investment Management Subsidiaries, are included in the Lehman bankruptcy filing.

Sunday in September. You'd expect it to be a day of baseball, or football, but definitely, being a Sunday, not a day Wall Street would care about. This Sunday, September 14th, you'd be wrong.

News agencies are reporting that Lehman may file for bankruptcy by midnight tonight.

Lehman Brothers, a major American investment firm, is spending the weekend trying to find an investor that would save the firm from complete collapse. The company has lost 80 percent of its stock value since Monday, when it announced that it had not secured a deal with the Korean Development Bank, which was widely expected to occur.

Lehman Brothers posted a preliminary loss of $3.9 billion for the third quarter, much wider than the most pessimistic analyst estimates, and unveiled a restructuring plan in an effort to instill confidence in the wake of yesterday's 45% plunge in the stock.

Ospraie Management, a US hedge fund specializing in commodities investments is closing its doors after punting 38.6% of investors' capital year-to-date. It seems investors want their money back and the fund has opted to suspend redemptions and conduct an orderly liquidation. How is this hedge fund's performance related to Lehman Brothers?

Interesting news that Lehman Brothers may be saved from its insolvent fate by Korea Development Bank. Rumors have emerged that a very big investment bank on Wall Street may fail in the near future and Lehman Brothers is a firm candidate.

Lehman Brothers has opted to issue shares to all employees representing 20% of their equity compensation for the year. According to the Financial Times: "The early partial payment of annual bonuses follows demands from employees who believe the stock, hammered this year during the credit crunch, is likely to rise significantly in value." Let me get this straight.

In a desperate move to regain credibility from investors, Lehman has demoted Erin Callan from the CFO position and removed Joseph Gregory from the COO post. Dick Fuld will remain as CEO. Herbert McDade will succeed Mr. Gregory and Ian Lowitt will take over for Ms. Callan.