Friday, March 28, 2008

Fremont Ordered by FDIC to Find Buyer

by Calculated Risk on 3/28/2008 11:48:00 AM

From Bloomberg: Fremont Ordered by FDIC to Find Buyer; Curbs Imposed

Fremont General Corp., the former subprime lender that raised doubt about its survival earlier this month, was ordered by federal regulators to raise new funds or find a buyer within 60 days.
It was just a little over a year ago that I posted a memo about lending changes at Fremont. Looking back now, that memo seems somewhat subdued, but it was very significant at the time - that memo marked the beginning of the subprime implosion and the start of tighter lending standards.

Based on the new FDIC order that memo probably also marked the beginning of the end of Fremont.