Friedman Billings posts wider Q3 loss
Friedman Billings Ramsey Group Inc's third-quarter losses tripled from a year ago, hurt by write-offs in its securitized loan portfolio and losses from sale of mortgage securities. The investment bank and brokerage posted a net after-tax loss of $214.7 million, or $1.28 a share, compared with a net after-tax loss of $67.4 million, or 39 cents a share, a year ago.
The Arlington, Virginia-based FBR also incurred a $17.2 million loss on restructuring and operating costs at its nonprime mortgage unit First NLC Financial Services. At the end of the quarter, Friedman's exposure to First NLC was $12 million.
FBR Group Announces Third Quarter 2007 Financial Results
Friedman, Billings, Ramsey Group, Inc. today announced its results for the quarter ended September 30, 2007. The company reported a net after-tax loss for the quarter of $214.7 million, or $1.28 per share, compared to a net after-tax loss of $67.4 million, or $0.39 per share, for the third quarter of 2006.
Among the principal components of the third quarter results are:
- An economic loss of $17.2 million associated with restructuring and operating costs at First NLC Financial Services (FNLC), of which $15 million was incurred prior to the agreement announced in July to sell FNLC to an affiliate of Sun Capital Partners (Sun Capital).
- A $27 million valuation loss relating to the portfolio of conforming and non-conforming loans originated by FNLC and for which FBR Group took ownership under the Sun Capital sale agreement, reducing the value of those loans to $203 million.
9 comments:
Just a FYI to let everyone now that some people are starting to receive their settlement letters from the overtime lawsuit and they expect to pay out in January or February of 2008.
This has been a subprime saga.
are these people still doing loans? I got my letter and a couple other people I know...some that were scared to send it end because Ty Kozma told them not to ain't getting nothing they worked for.
Giop....
Don't give them any more ammunition.
Use a spell checker along with a sober interpreter the next time you post info about the defendant :)
Aside from that,
I hope those who were layed off have moved on to better things.
Christmas is coming and FNLC most likely not be footing the bill this year.
Happy Hanukkah! :)
Somebody told me they are closing 10 branches tomorrow. 11/30/07 is that true?
in response to "lee"
a little birdy flew by my window today and told me they shut down anaheim ops as well as the entire west coast region...
-OWNED
Chicago's call center was shut down today.... this was the branch that consolidated Oak Brook, Lisle, Naperville, and Rolling Meadows. Once the most profitable area in the company... is now closed.
I'm a former FNLCer and laying me off was the best favor FNLC ever did for me. I, now, work for a company that has a bright future and employees, including me, are happy and don’t live in fear. It's such a refreshing change. I read people's blog entries and frankly I'm amazed and a bit confused as to why people still choose to continue to work for them...especially in light of all that has happened. FNLC's senior management (a.k.a. the Henchels and their kiss a$$ lackeys) are the worst so-called “management” team I’ve ever seen and the company is obviously going down the tubes. I hope you do realize senior management doesn’t care anything about you, your family or your well being. I do understand how difficult the job market is but it is possible to move on. Most of the employees I had the pleasure of getting know during my time at FLNC were good hardworking people. Have faith in yourself! But, in spirit of the holiday season, I want to say "thank you" to Mr. Henchel and all of his minions for laying me off. No doubt it was challenging for me at first but I prevailed! I take comfort in knowing the Henchel’s company is failing while I am growing professionally and am financial better off than I was work for your sad excuse of a company. It really is sad to have such ill will toward a group of people but this particular group doesn’t deserve anyone’s compassion or respect since they never bothered to give either to any of their employees. I am a person that does believe in karma. What goes around comes around. Mr. Henchel and all your minions, keep that in mind!
you should be happy that they laid you off, getting laid off from first nlc was the best thing that ever happened to me. I work for a great company, make double the money I made at first nlc and leave the office at 5 everyday so I can actually have a life now too. I love seeing this ratshit scam artist company go down. I hope they contiune to crumble and get sued worse than ameriquest for all the fraud they did. keep the updates coming.
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