• Search:



The Chief Officers' Network - your business advantage / Front / Front Page / US: Subprime crisis claims another victim




US: Subprime crisis claims another victim

On 11 January, Friedman, Billings, Ramsey Group, Inc. ("FBR Group") announced that First NLC Financial Services, LLC ("FNLC"), FBR Group's mortgage origination subsidiary, will liquidate its assets as a result of the continued deterioration of the non-prime market.



Most Recent - This Section

Happy Easter from The Chief Officers' Network
Numbers: what to call 1,000,000,000,000,000,000,000,000,000?
Welcome to The Year of the Ox
Merry Christmas 2008
Fraud: Bagger bagged for allegedly bagging profits


Most Recent - Whole Site

Business crime: USA's SEC charges accounting staff with embezzlement of USD30 million
The Risk Professional: new report shows bribery trends in Brazil
IT Security: Lo-Jack software helps laptop recovery
HR: Migrant workers becoming less welcome
Aviation: Malaysis will build new Low Cost facility after all


Most Recent - BizNewsSelect

The Society of Anti Money Laundering Professionals: launch of Accredited Training Course Provider scheme
The Society of Anti Money Laundering Professionals launches new membership class
Quick To Learn More expands and updates content units
Hong Kong's latest foreign currency reserve assets figures released
International reserves of BNM as at 31 December 2009


Most Recent - BankingInsuranceSecurities.Com

Securities: USA's SEC bans investment adviser after fraud
Banking: RBS sheds approx 20,000 jobs in UK
Sanctions: OFAC Update 20100201
Sanctions: UK amendments to T(UNM)O 2000 list 20100901
Sanctions: Directions under T(UNM)O 2009 (UK) 20100901
 

To effectuate its orderly liquidation, First NLC will file a voluntary petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. FNLC's senior secured lender supports the orderly wind-down of FNLC's business.

In addition, FBR Group announced that it would not close the previously disclosed recapitalisation and sale of FNLC. As previously disclosed, FBR Group has taken steps to limit its ongoing exposure to FNLC. In connection with the expected Chapter 11 filing, FBR Group does not expect to recover its remaining USD12 million investment in FNLC.

Bookmark and Share





loading