Sunday, March 11, 2007

Fremont General Corp. Exits the Subprime Market

A proposed cease and desist order was received by the Santa Monica, Calif. company, Fremont General Corp. from the Federal Deposit Insurance Corp. or FDIC on February 27. The order asked the company to "make a variety of changes designed to restrict the level of lending in its subprime residential mortgage business. However, Fremont indicated that it would continue to seek deposits and originate commercial mortgages. In a press release from the company, the president and Chief Executive Officer for Fremont said, "Thanks in part to its substantial equity and $8 billion retail deposit franchise, Fremont Investment & Loan has significant balance sheet strength and funding capacity that we believe will enable us to exit the subprime lending business in an orderly and disciplined way." Last month, Fremont informed its brokers that it would no longer make piggy-back seconds and all other second lien loans. On Jan. 8, Fremont had eliminated 95 percent loan-to-value mortgages that are purchase money and stated income. In a statement posted on their website, the company said that they will no longer accept new applications and are trying to reach a decision on what to do about the loans that are in process.

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