The Lehman Group Holding Co.'s Chapter 11 filing was followed by its London-based European holding subsidiary being placed in administration. Pricewaterhouse Coopers was appointed administrator to manage the wind-up.

Lehman's direct exposure to the European ABS market takes several forms. The bank had a large stake in the European securitization market, which was focused on two sectors - RMBS and CMBS - where it acted as an originator/seller and, sometimes, as a servicer.

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