Housingwire reports that Fremont has agreed to sell $4 billion in loans as they continue to exit the subprime lending market as ordered by the FDIC.
Fremont General Corporation (NYSE:FMT) said Wednesday that its investment and loan subsidiary has entered into whole loan sale agreements to sell approximately $4 billion of its sub-prime residential real estate loans at an unspecified discount.
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â??Subprime loans are going for 60 cents on the dollar right now,â?? said one source, on the condition of anonymity. â??Holding that standard up to the Fremont deals, it means the collective buyers probably paid $2.7 billion to take the portfolio off of Fremontâ??s hands.â??
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