It's an Independence Holiday Week Miracle...
First NLC Financial Services Closes $481.8 Million Asset-Backed Securitization
BOCA RATON, FL -- (MARKET WIRE) -- 07/02/07 -- First NLC Financial Services, LLC ("the Company"), a wholly owned mortgage subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), today announced it has securitized $481.8 million of first-lien and second-lien residential mortgage loans originated by the Company through First NLC Trust 2007-1.
The securitization closed on June 26, 2007 and is expected to be treated as a sale for financial reporting purposes.
Standard & Poor's Rating Services and Moody's Investor Services, Inc. rated the securities. Credit Suisse Securities (USA) LLC served as lead manager for the transaction. The securities were sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
This release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
24 comments:
that is great news to the people who still work there. should keep them employed a while longer
Is it??? At what expenese to all the employees that are gone now due to their poor business planning and choice of management in retail. FNLC had some great talanted and ethical employees that they let go in order to hire unethical, money hungry leftovers from Ameriquest and they brought this on themselves.
I am confused at to exactly what this means. If FNLC sold iis first lien and second lien mortgage loans, I am guessing for pennies on a dollar, for operating cash, what happens in the distant future?
well, I guess it could be pennies on the dollar, but this is still a big boost of income to the company and will allow them to pay off their warehouse lines for the short term at least. Accredited had a similar boost and they were able to stay around long enough to get themselves bought which is what FBR is trying to do--sell FNLC.
Another question I need clarification on: Why would anyone want to purchase FNLV? What assets does this company own if they've sold their first and seconds?
What happens in the distant future? More slashing and burning, probably. Long-term planning has never been put into place at FNLC - if so, we would have rolled out our Alt-A programs last fall.
If this is such great news, why hasn't Neal written another one of his fabulous letters to the employees?
feisty,
good question. Why would anyone purchase FNLC? Eventually, the sub-prime market will bounce back. It was profitable before everyone went crazy and approved everything not thinking of the consequences. This business is very cyclical and will most definately come around again. There will always be a market for mortgage backed securities. The companies that survive this downturn now, will be in prime position once things stabalize. The problem with public companies is that stockholders want to see a return now--hence FBR wanting to sell so they are not stradled with this debt. The question is--Can FNLC survive until the market turns again??
Do you think FNLC made emough on the sale to hold out that long?
To anna nonymous: I beg your pardon but we all know FNLC has done some long term planning, hence their move to TREX. This move was planned over a year before the actual move date. In my humble opinion, it isn't FNLC's planning skills that is the problem, it is their priorities? I also believe Daddy and Jr. care more about perception by outsiders than they do about their "valued" employees.
Perhaps I should rephrase that - FNLC hasn't done any long-term strategic planning. Moving into a big refurbished office building without concern for the current economic status of the company is rather short-sighted in my opinion!
You're right, though. Priorities are completely screwed up around here, and the perception by outsiders as opposed to the reality faced by employees is a perfect example.
Management is on the warpath to find the person or persons responsible for this blog. Everything is being done to prevent management from finding the author or authors identities. At one time or another blame is being shifted to different departments so if any employee no matter what your job title is feels signaled out wrongly don't take it personal. Ownership and authorship of this blog belongs to all of us who feel upset for the position we find ourselves in through no fault of our own. To management: Good luck finding the authors since it is a group of people with different knowledge and different skills. A company is made up of talented people for the end result of making money. When these talented people become disillusioned, laid off, etc by poor decision making from management what do you expect. This country was founded on the freedom of speach. Change comes from people banding together and sharing a common voice. We are the common voice of First NLC. Good luck signalling us out.
One last thought to manangement: Do you feel helpless not knowing who is behind the blog and what will be published on a daily basis, well that's how we feel every day when we get up in the morning wondering if today will be our last day or for those of us that are unemployed wondering if we will find a job before our unemployment runs out.
Gees just think if they had put that much concern in focusing on the business of quality, than the profit of quanity how much better every former employee would have been. Maybe there would not be as many former employees.
Or maybe making the hard decision and getting rid of the dead weight they have in management. Oh I keep forgetting this is the Neil and Jeff show. Good ole boy environment.
why would they even care about this blog?? what's it to them?
This response is to Neal and to the other executives:
Instead of spending valuable time reading a blog, why don’t you use the time to turn this company around? You state we are “valued” employees and that you are truly concerned about the welfare of FirstNLC. If this is true, why don’t you start by:
1. Implement an open door policy. When you or your executive staff encounter us in the hallway, by the front door, walk by our desks, etc. why don’t you ask us about our day? Listen to us and the issues we encounter on a daily basis. Help us streamline our workload.
2. Show us that you value our opinion and comments by having brainstorming sessions.
3. Provide us with quality products that are competitive that we can sell.
4. Make it mandatory that all executives go out with the sales staff to reassure our clients and outside brokers that we will survive this period and that their business is the key to our success.
5. Make it mandatory that all executives take an interest in the welfare of each department and the problems encountered on a daily basis. To do this one must spend quality time actually doing the job not just passing through.
6. Share with us your goals and strategies. It is our future as much as it is your future and reputation.
7. Get to know us on a personal level.
8. When we meet a goal set forth for our department, have a meeting and thank us personally for a job well done.
If the management team would be more proactive and really consider us valuable employees, there would not be a reason for the blog.
I don't know if I agree with all those points. They have always had an "open door" policy and having worked elsewhere, the products are competitive. I'm not sure what dept you work or worked in, but my manager always thanked us at the beginning of the month for the month before. That being said, I do agree that the emphasis on hiring and retaining quality employees went south a long time ago and nothing is being done to help morale. If they do happen to survive, you will see a ton of people leave on their own as soon as the market gets better and jobs open up
To 1poorbastard: I am not talking about your manager, I am talking about Neal, Jeff and the rest of the family. Neal sits in his office with the door shut. He calls us "valued" but doesn't even say "hi" when he walks down the hallway. I don't believe he has any idea of who actually does the work and who doesn't or what it takes to run the company. If he and his family truly want the best for this company, they will roll up their sleeves, leave their ivory tower, and do whatever it takes to change moral. Employees are their most valuable resource. It will take all of us to turn this company around. Saying it doesn't make it happen.
This family has wasted more energy on trying to find the author of this blog then they have trying to change moral.
Because that would mean having to recognize personal responsibilty is the mess they have allowed to be made of their company.
And no one likes to have to take a hard look at where they chose to look the other way or ignore what is and has taken place in the very building they walk into every single day.
Kind of hard to claim ignorance when you walk into the very building most of this is taking place.
I'm not so sure you can put all the blame on the Henschels. FNLC is not the only mortgage company in this mess, in fact everyone in the subprime industry is having very similar problems.
I do think, however, that they have been less than honest and upfont about the health of the company. Because of this, people walk in everyday worrying about their future instead of doing a job. All the worry leads to low morale. At this point, there is nothing they can do to make people feel at ease. many better run companies than this one have gone away.
We can continue to trash the Henschels or we can use this board to try to make a difference and come up with suggestions to aid in the survival of First NLC. I want to use this board to make a difference. Maybe we can change employee moral by posting positive changes and good things that are taking place like new programs, etc. Maybe we can save our own jobs. Will you help me to just that?
Post a Comment