In 2003 and in 2004, with the US well housing boom Lehman acquired five mortgage lenders, including subprime lender BNC Mortgage and Aurora Loan Services, which were specialize in Alt-A loan made to borrowers without full documentation), during the next three years Lehman's profitability and market capitalization soare.
In 2003 and 2004, with the U.S. housing boom (bubble?) well under way, Lehman acquired five mortgage lenders, including subprime lender BNC Mortgage and Aurora Loan Services, which specialized in Alt-A loans (made to borrowers without full documentation). Over the next three years, Lehman's profitability and market capitalization soared.