I just wanted to catch y'all up on how FBR (the parent company of First NLC, for those of you fortunate enough not to know) threw First NLC under the bus a couple of weeks ago after announcing their 1st quarter earnings for 2007. I don't think any of this is making Daddy and Junior's stock portfolios rise, do you? I should note that all of these statements happened about five weeks after FBR gave First NLC a vote of confidence during a company-wide conference call.
Mortgage Defaults Hurt Lenders
"Meanwhile, investment bank Friedman, Billings had a loss of $185.9 million, or $1.08 a share, because of write-downs at its First NLC mortgage unit and costs for "restructuring." The company is trying to sell First NLC."
Friedman Billings Posts Loss on Mortgage Writedowns
"The First NLC mortgage unit lost $124.2 million after writing down the value of goodwill, stakes in other "nonprime'' mortgage companies and its own home-loan investments, the company said. Friedman Billings also recorded $5.2 million of "restructuring and other costs.''
Mortgage Woes Send FBR to Quarterly Loss
"The Arlington investment bank reported a loss of $185.9 million ($1.08 a share) for the first three months of the year, compared with a profit of $26.6 million (16 cents) in the corresponding period a year earlier. FBR said its mortgage company, First NLC Financial Services, lost $124.2 million in the quarter. First NLC specializes in subprime loans, those generally offered to people with blemished credit or insufficient cash for a down payment."
Friedman, Billings, Ramsey Loses in Nonprime
"In the company's official 2007 first quarter report, it attributes most of the recent losses to its wholly-owned nonprime origination platform, First NLC Financial Services (FNLC). According to the company's first quarter report, FNLC experienced a net after-tax loss of $124.2 million."
Subprime mortgage fallout hits FBR
"FBR said in March it was evaluating alternatives, including the possible sale, of First NLC, which is FBR Group's non-prime mortgage origination business. The company now says it intends to act on those alternatives sometime this quarter."
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I worked for this company for 18 months. The comp plan went down early march and shame on me for staying. I worked for management that took care of his boys and their boys. I was not part of the click as far as getting taken care of. I would like to say fuck you too all of them. First NLC is garbage aka the Lending Center. I was listening to corp assholes that always fucked up.
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