Items Tagged with 'Fremont General Credit Corporation'

ARTICLES

  • 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.
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  • FDIC Shuts Down Subprime Lending at Fremont; Rumors of Potential Sale Spread

    The Federal Deposit Insurance Corporation said late Wednesday that it had issued a widely-expected cease and desist order against Fremont Investment & Loan and its parent corporations, Fremont General Corporation (NYSE:FMT) and Fremont General Credit Corporation. The bank and its parents, without admitting or denying the allegations, consented to the order. Fremont first disclosed the pending C&D order in a regulatory filing last Friday, and said it would seek to exit residential subprime lending as a result. Rumors have been swirling throughout the week about a potential sale of the troubled subprime unit, with Bloomberg reporting yesterday that the company has been in discussion with as many as six potential suitors.
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  • Fitch Downgrades Fremont's Servicer Ratings; Troubles Continue

    Fitch Ratings said late Tuesday that it had downgraded Fremont Investment & Loan's (FIL) residential primary servicer rating for subprime product to 'RPS4' from 'RPS3+', and placed the rating on Watch Negative. The rating action reflects the recent regulatory filing disclosing that Fremont General Corp. (NYSE:FMT), FIL, and FMT's wholly owned subsidiary, Fremont General Credit Corp. (FGCC) will enter into a formal cease and desist order (C&D) with the Federal Deposit Insurance Corp.
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