Lehman (LEH): Anyone Want To Buy $30 Billion Of Our Mortgage Trash?

Lehman Brothers (LEH), following the lead of Merrill Lynch (MER), is trying to offload roughly $30 billion worth of mortgage-related securities and commercial real estate loans. Lehman CEO Dick Fuld has inititiated talks with unidentified prospective buyers and has also hired Lazard to aid it in an unspecified consulting role, the Post says:

The sales talks, which are described as preliminary, involve Lehman selling some of its risky assets to a domestic or foreign entity and perhaps providing funding for the sale.

More specifics could not be learned.

At the same time, speculation has emerged that Lazard has been hired to advise Lehman. Exactly what the boutique advisory firm has been hired to do could not be learned.

A Lehman spokeswoman declined to comment and calls to Lazard officials were not returned.

Merrill was able to get 22 cents on the dollar for its mortgage junk. Housing has no doubt deteriorated significantly in the three days since Merrill announced its deal, so anyone care to set the over / under for the price Lehman will get?

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