Items Tagged with 'Arlington Asset Investment'


  • Mortgage REIT Insider: FBR's Feet Held to the Fire

    Friedman, Billings, Ramsey Group [stock FBR][/stock] provided a disappointing debut for the third-quarter earnings season. FBR reported a GAAP net loss of $1.12/share and posted a cash operating loss of $1.5 million for the third quarter. Results were weighed down primarily by non-cash marks to the existing MBS portfolio, which swamped the $4.1 million gain realized on the repurchase of outstanding trust preferred.
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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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  • NMN: First NLC Cuts More Jobs

    From National Mortgage News this afternoon (subscription highly recommended): Subprime lender First NLC Financial Services, Boca Raton, Fla., laid off hundreds of workers on Aug. 1, according to industry sources. At deadline time, company chief executive/chairman Neal Henschel could not be reached for comment ... One executive called the layoffs "massive." A source inside the firm confirmed the job cuts to MortgageWire but said he could not offer up a number. "We're still funding loans," he added ...
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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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  • 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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