Items Tagged with 'Ramsey Group Inc.'

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  • First NLC Files for Bankruptcy

    First NLC Financial Services, LLC will file for Ch.11 bankruptcy protection and liquidate its assets after efforts to recapitalize and sell the ailing subprime lender failed. First NLC, the origination subsidiary of Friedman, Billings, Ramsey Group, Inc., was to be sold to an affiliate of Sun Capital Partners in a deal to recapitalize First NLC, announced last July. FBR was to invest $15 million as part of the recapitalization plan.
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  • Full Circle: FBR to Sell First NLC to Sun Capital

    Friedman, Billings, Ramsey Group, Inc. said on Thursday that it will sell most of First NLC Financial Services, LLC to an affiliate of Sun Capital Partners in a deal worth $75 million. Under the terms of the deal, FBR will invest $15 million as part of a recapitalizatin of the subprime originator, with the remaining funds coming from Sun Capital.
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  • Opteum Faces 'Going Concern' Allegations

    After a research report issued today by Friedman, Billings, and Ramsey Group, Inc. analyst Merrill Ross questioned whether Opteum Inc. (NYSE:OPX) faces issues as a going concern, the Florida-based REIT has gone on the offensive to counter allegations regarding the company's future. The FBR report highlights a growing concern over the Alt-A credit sector as problems in the subprime credit industry appear on many accounts to be spreading into Alt-A lending. Housing Wire had originally reported on the problems at Opteum on February 15, noting at the time that the company's $33.9 million fourth quarter loss during 2006 might be indicative of emerging problems in the Alt-A credit sector.
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  • FBR Exploring 'Options' For First NLC; Denies Liquidity Issues

    Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) announced late Tuesday that it will explore "strategic alternatives" for First NLC, its non-conforming mortgage origination business. While the company did not specify in its press statement which alternatives it will be considering, sources have suggested to Housing Wire that FBR is looking to sell its origination platform in light of growing liquidity problems in the subprime mortgage market.
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