As the credit crisis erupted in Aug

As the credit crisis erupted in August 2007 with the failure of two Bear Stearns hedge funds, Lehman's stock fell sharply. During that month, the company eliminated 2,500 mortgage-related jobs and shut down its BNC unit. In addition, it also closed offices of Alt-A lender Aurora in three states. Even as the correction in the U.S. housing market gained momentum, Lehman continued to be a major player in the mortgage market. In 2007, Lehman underwrote more mortgage-backed securities than any other firm, accumulating an $85-billion portfolio, or four times its shareholders' equity. In the fourth quarter of 2007, Lehman's stock rebounded, as global equity markets reached new highs and prices for fixed-income assets staged a temporary rebound. However, the firm did not take the opportunity to trim its massive mortgage portfolio, which in retrospect, would turn out to be its last chance. (Read more in Dissecting The Bear Stearns Hedge Fund Collapse.)

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随着信贷危机爆发于2007八月两贝尔斯登对冲基金失败，雷曼的股价大幅下跌。在这一个月期间，该公司取消了2500的抵押贷款相关工作和关闭BNC单元。此外，还关闭的次优贷款办公室在三个州的极光。即使在美国房地产市场的回调上涨势头，在抵押贷款市场，雷曼仍然是一个主要的玩家。2007，雷曼承担更多的抵押贷款支持证券比其他任何公司，积累了85000000000美元的投资组合，或其股东权益的四倍。在第四季度的2007，雷曼的股票反弹，由于全球股市达到新的历史高位，固定收益资产价格上演了一个暂时性的反弹。不过这家公司并没有机会将其庞大的抵押贷款组合，这一回顾，将是它的最后机会。（阅读更多夹层贝尔斯登对冲基金崩溃。）