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
Merry Christmas 2011 and Happy New Year 2012Happy Easter from The Anti Money Laundering Network
Happy Easter from The Chief Officers' Network
Welcome to The Year of the Ox
Merry Christmas 2008
Most Recent - Whole Site
The Risk Professional: US Treasury Statement re Iran banking sanctionsAutomotive: Clint Eastwood's misty eyes playing for Detroit
Aviation: Kingfisher's finances cause concern
Aviation: Malev ceases operations
Aviation: EU Airline tax starts international incident
Most Recent - BankingInsuranceSecurities.Com
Sanctions: OFAC update 20120207Phishing Alert: Quickbooks / Intuit
Sanctions: OFAC UPDATE 20120206
Sanctions HM Treasury - Iraq
FI Frauds: www.bankcommhk.com
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.
Download PDF version of this page
