Fremont General Corp., Santa Monica, Calif., will sell $2.9 billion in subprime loans to an unidentified buyer, booking a $100 million pretax loss on the deal.According to a new public filing, the same buyer is in "exclusive" talks to buy Fremont's $27 billion subprime servicing portfolio as well as the platform. The buyer will also buy a "portion" of Fremont's subprime production operation even though the unit stopped funding loans several weeks ago. News of the sale and talks sent Fremont's shares soaring 26% to $8.85 in the early afternoon of April 16. Fremont, the holding company for a federally insured depository, can be found online at http://www.fremontgeneral.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
2h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
7h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
9h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24