Items Tagged with 'Fremont'

ARTICLES

  • Mortgage REIT Insider: CapitalSource Takes it to the Bank

    CapitalSource Inc. [stock CSE][/stock] announced this week that it had received all necessary regulatory approvals for its takeover of Fremont General Corp.'s 22 retail bank branches and $5 billion in deposits. CapitalSource said that it will complete the Fremont transaction early in the third quarter and launch CapitalSource Bank at that time; the regulatory approvals will permit CapitalSource Bank to purchase up to $2.2 billion of loans from CapitalSource.
    Read More
  • Fremont Completes Servicing Sale to Litton

    Troubled S&L Fremont Investment & Loan said Tuesday that it had completed the sale of its remaining mortgage servicing rights to Litton Loan Servicing LP, an affiliate of Goldman, Sachs & Co [stock GS][/stock]. The sale of the $12.2 billion servicing portfolio was first announced on May 9.
    Read More
  • Litton Picks Up Rest of Fremont's Servicing Portfolio; Bankruptcy May be Next

    Late Thursday, Fremont General Corp. said that it had agreed to sell its remaining $12.2 billion servicing portfolio to Litton Loan Servicing LP, a well-known subprime and scratch-and-dent mortgage servicer. The sale represents a coup of sorts for Goldman Sachs [stock GS][/stock], which picked up Litton from the rubble of former scratch-and-dent giant Credit-Based Asset Servicing and Securitization late last year.
    Read More
  • Mortgage REIT Insider: Agency REITs on the Rebound

    On the M&A front, commercial mREIT CapitalSource [stock CSE][/stock] snagged struggling Fremont General’s 22 Southern California bank branches, a move investors initially cheered. Nonetheless, analysts still questioned whether the new access to liquidity would trump long-standing credit quality concerns at CapitalSource.
    Read More
  • Fremont to See Common Stock Delisted from NYSE

    The New York Stock Exchange said earlier this week that it would delist Fremont General Corp. [stock FMT][/stock] from trading on the exchange prior to the opening of trading on Thursday. The company's common stock and its Trust Originated Preferred Securities are both set for removal, according to a press statement by NYSE Regulation Inc.
    Read More
  • Fremont to Sell Banking Ops to CapitalSource; Mortgage Assets Not Included

    Troubled lender Fremont General Corp. [stock FMT][/stock] said Monday that it had entered a deal to sell its "substantially all" of the bank's assets and deposit liabilities to a subsidiary of CapitalSource, Inc. [stock CSE][/stock]. The deal includes a participation interest in certain previously-sold commercial real estate loans, the assumption of bank deposits and the acquisition of all the bank's retail branches, Fremont said in a press statement.
    Read More
  • Fremont Faces Delisting from NYSE

    Troubled banking outfit Fremont General [stock FMT][/stock] said Tuesday that the New York Stock Exchange was likely to delist the company's common stock over a failure to maintain a high enough stock price. Stocks that trade below one dollar for 30 consecutive days are deemed to fail the so-called "quantitative continued listed standard" established by the Exchange.
    Read More
  • Massachusetts AG Restricts Fremont's Ability to Sell Future Servicing Rights

    Massachusetts Attorney General Martha Coakley has been busy -- earlier this week, her office announced that it had won an expanded preliminary injunction against troubled thrift Fremont General. The new court order places restrictions on the thrift's future sales of servicing rights, one week after Fremont said it would sell servicing rights on 13 percent of its portfolio to an affiliate of Carrington Capital Management.
    Read More
  • FDIC Steps in on Fremont, Again; Gives Bank 60 Days to Capitalize

    Troubled bank and mortgage lender Fremont General said on Friday that Federal regulators had stepped in and given it 60 days to raise additional capital, or face a forced sale. The Federal Deposit Insurance Corporation issued a so-called Supervisory Prompt Corrective Action Directive to Fremont General and to Fremont General Credit Corporation, the company said, requiring the bank to take immediate steps to recapitalize.
    Read More
  • Fremont Sells Servicing Rights Back to Carrington Affiliate

    Fremont General Corporation said late Thursday that it will sell servicing rights on $1.9 billion in mortgage loans -- 13 percent of its existing servicing portfolio -- back to an affiliate of private equity firm Carrington Capital Management, as the troubled thrift looks to generate additional liquidity to fund its own operations.
    Read More