Items Tagged with 'Fremont General Corp.'

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  • CapitalSource Sells $1.5 Billion in Agency MBS

    CapitalSource Inc. [stock CSE][/stock], the REIT with banking aspirations tied to a pending acquisition of retail banking branches of bankrupt Fremont General Corp., said Monday in a filing with the Securities and Exchange Commission that it has been unloading agency mortgage-backed securities at a frenetic pace since the start of April, selling $1.5 billion in the latest attempt to deleverage.
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  • 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.
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  • 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.
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  • 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.
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  • 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.
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  • 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.
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  • Preliminary Injunction Restricts Fremont's Ability to Foreclose in Massachusetts

    In a move that may set a precendent elsewhere, Massachusetts Attorney General Martha Coakley’s Office said Wednesday that it had obtained a preliminary injunction in a case against California-based Fremont General and Fremont Investment and Loan. The order prohibits Fremont from initiating or advancing foreclosures on a wide range of loans, including loans financed at 100 percent LTV or 2 to 3-year hybrid adjustable-rate mortages.
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  • LandAmerica Takes $21 Million Write-Off on Fremont General Loss

    LandAmerica Financial Group, Inc. (NYSE:LFG), one of the nation's larger real estate transaction services providers, said late Friday that it will take a non-cash write down of $21 million, or $13 million after taxes, in its Lender Services segment due to an expected loss of business from Fremont General Corporation. Fremont General's mortgage lending segment, Fremont Investment & Loan, halted operations under an FDIC Cease & Desist order in early March. The company announced the potential sale of its business earlier this morning. As a result of the probable loss of business, LandAmerica said it had determined an impact to its customer relationship intangible asset related to the October 2003 acquisition of LandAmerica Tax and Flood Services, Inc., formerly known as LERETA Corp.
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