Wall Street Journal (03/05/08) P. C2
Default notices from a pair of affiliated third-party buyers of $3.15 billion in subprime home loans could further jeopardize Fremont General Corp.'s financial health. As the Santa Monica, Calif.-based lender faces the prospect of repurchasing roughly $11 million worth of the loans, it has been forced to consider more asset write-downs and a possible sale of the company, among other strategies, to raise capital. According to Fremont, the $11 million in buybacks would use up 50 percent of the cash and cash equivalents on hand at the close of 2007.
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