The Friedman, Billings, Ramsey Group investment banking firm is considering "strategic alternatives" for its subprime mortgage division, First NLC Financial Services, Deerfield Beach, Fla., the nation's 17th-largest subprime funder."Strategic alternative" is a phrase commonly used to suggest a company is for sale. In a statement, FBR said "there can be no assurances that any particular strategic alternative will be pursued or that any transaction will occur, or on what terms." If FBR sells First NLC, it will be the first Wall Street firm to exit the subprime industry amid the current carnage. First NLC, the investment banker said, has "more than sufficient liquidity." FBR can be found on the Web at http://www.fbr.com.
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