Courtesy of the Boca Raton News...
Nearly 40 percent of local First NLC staff laid off
It was the sort of letter no employee wants to receive – that your services are no longer required.
And certainly not after having only been in your new home for such a short period of time. First NLC had completed a move from Deerfield Beach to Boca Raton only in April of this year – and said in December 2006 that with the move would come an expected 200 more jobs.
Now it’s August, and there’s no 200 more jobs. In fact, First NLC has reduced its Boca Raton workforce by about 40 percent -- last week laying off about 129 of its more than 320 employees in its new Boca headquarters office in T-Rex Park. The move follows a general nationwide fall-off in the sub-prime mortgage lending market, and reflects what the firm said is an attempt to stem money losses....
More
Wednesday, August 8, 2007
Friday, August 3, 2007
The Hammer Has Fallen
Judging by the comments on the last post, I think everybody knows that the poop has hit the fan again. With such a small amount of people left in the office, I haven't been able to post without fear of getting caught. These are sad and angry times around here.
It appears that management (or supporters of management) have been posting comments to the blog. Hey - that's fine - it's a free country and I'm not going to censor anybody. However, I do need to address an issue that has been brought up.
Let's get this straight right now: everybody's situation with this company is not nearly as simple as "if you don't like it, leave." Anybody expressing this sentiment is foolish, arrogant and self-delusional.
When a company hires you, they typically put their best foot forward during the interview process, just as you try to make a great impression by wearing a nice suit as an interviewee. Often, despite our best efforts, we find that the company isn't all that it was cracked up to be only AFTER we are hired and become firsthand witnesses to the general nonsense and shenanigans going on.
At this point, according to some commenters, we should leave the company. Nobody is forcing us to stay, right? ABSOLUTELY WRONG. In the REAL WORLD, people have bills to pay. Getting another job isn't easy, especially with the fear tactics First NLC uses regarding folks who access HotJobs, CareerBuilder and Monster. This industry is in the dumps right now, and other gigs are hard to find. Plus, right now, having "First NLC" on a resume isn't very desirable. The mortgage industry knows what this company's reputation is and doesn't place much value on anybody working for it.
You do what you have to do to keep the kids fed with a roof over their heads. Dare I say you "DO WHAT IS REQUIRED" to keep your home and family safe and secure.
How anybody can insinuate that we are being whiners and complainers while we are free to leave on our own accord is absolutely irresponsible and myopic. This is the type of thinking that plagues this company and will keep it from recovering on its own.
As for management: I wouldn't be so smug and cavalier if I were you. It is no achievement to get bailed out for a second time by a company that specializes in this sort of thing. Take a look at how Sun has turned around their acquisitions. They know dead weight when they see it, and I'm pretty sure their due dilligence will land them on this blog at some point, if not already.
Link: http://www.palmbeachpost.com/business/content/business/epaper/2007/08/03/a8b_firstfin_0803.html
It appears that management (or supporters of management) have been posting comments to the blog. Hey - that's fine - it's a free country and I'm not going to censor anybody. However, I do need to address an issue that has been brought up.
Let's get this straight right now: everybody's situation with this company is not nearly as simple as "if you don't like it, leave." Anybody expressing this sentiment is foolish, arrogant and self-delusional.
When a company hires you, they typically put their best foot forward during the interview process, just as you try to make a great impression by wearing a nice suit as an interviewee. Often, despite our best efforts, we find that the company isn't all that it was cracked up to be only AFTER we are hired and become firsthand witnesses to the general nonsense and shenanigans going on.
At this point, according to some commenters, we should leave the company. Nobody is forcing us to stay, right? ABSOLUTELY WRONG. In the REAL WORLD, people have bills to pay. Getting another job isn't easy, especially with the fear tactics First NLC uses regarding folks who access HotJobs, CareerBuilder and Monster. This industry is in the dumps right now, and other gigs are hard to find. Plus, right now, having "First NLC" on a resume isn't very desirable. The mortgage industry knows what this company's reputation is and doesn't place much value on anybody working for it.
You do what you have to do to keep the kids fed with a roof over their heads. Dare I say you "DO WHAT IS REQUIRED" to keep your home and family safe and secure.
How anybody can insinuate that we are being whiners and complainers while we are free to leave on our own accord is absolutely irresponsible and myopic. This is the type of thinking that plagues this company and will keep it from recovering on its own.
As for management: I wouldn't be so smug and cavalier if I were you. It is no achievement to get bailed out for a second time by a company that specializes in this sort of thing. Take a look at how Sun has turned around their acquisitions. They know dead weight when they see it, and I'm pretty sure their due dilligence will land them on this blog at some point, if not already.
Link: http://www.palmbeachpost.com/business/content/business/epaper/2007/08/03/a8b_firstfin_0803.html
Labels:
doing what is required,
First NLC,
management,
Sun Capital
Thursday, July 26, 2007
All Hail Our New Benevolent Leaders
We're like a cat on our ninth life around here. I'm glad we've survived for the time-being, but I have to imagine major changes are on the way. I don't see why anybody would purchase us as is unless they had plans to shake things (or people) up. I guess that's what Sun Capital excels in.
FBR Group To Sell First NLC To Sun Capital Partners Transaction Includes Recapitalization of First NLC, Reduces FBR's Ownership to 20%
ARLINGTON, Va., July 26 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (FBR Group) today announced that it has signed a definitive agreement with an affiliate of Sun Capital Partners (Sun Capital) that will result in a $75 million recapitalization of First NLC Financial Services, LLC (FNLC), FBR Group's non-conforming mortgage origination subsidiary. Sun Capital and FBR Group will invest $60 million and $15 million respectively, on a pari passu basis.
As a result of this transaction, FBR Group's future exposure to FNLC will be limited to its $15 million investment in the recapitalization, plus a $3 million indemnification to Sun Capital for certain potential liabilities. During the third quarter, FBR Group expects to fund approximately $15 million in losses associated with further restructuring and operating costs incurred prior to entering into the transaction with Sun Capital. FBR Group will also retain ownership of approximately $250 million of conforming and non- conforming mortgages recently originated by FNLC which are expected to be sold or securitized during the third quarter.
Full article: http://money.cnn.com/news/newsfeeds/articles/prnewswire/NETH05726072007-1.htm
FBR Group To Sell First NLC To Sun Capital Partners Transaction Includes Recapitalization of First NLC, Reduces FBR's Ownership to 20%
ARLINGTON, Va., July 26 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (FBR Group) today announced that it has signed a definitive agreement with an affiliate of Sun Capital Partners (Sun Capital) that will result in a $75 million recapitalization of First NLC Financial Services, LLC (FNLC), FBR Group's non-conforming mortgage origination subsidiary. Sun Capital and FBR Group will invest $60 million and $15 million respectively, on a pari passu basis.
As a result of this transaction, FBR Group's future exposure to FNLC will be limited to its $15 million investment in the recapitalization, plus a $3 million indemnification to Sun Capital for certain potential liabilities. During the third quarter, FBR Group expects to fund approximately $15 million in losses associated with further restructuring and operating costs incurred prior to entering into the transaction with Sun Capital. FBR Group will also retain ownership of approximately $250 million of conforming and non- conforming mortgages recently originated by FNLC which are expected to be sold or securitized during the third quarter.
Full article: http://money.cnn.com/news/newsfeeds/articles/prnewswire/NETH05726072007-1.htm
Thursday, July 12, 2007
Earnings Call Two Weeks Away
FBR is announcing their 2nd quarter results on 7/26. Let the speculation begin...
Wednesday, July 11, 2007
More S&P Woes
FBR Securitization Trust has been listed among the issuers who have had their credit ratings placed on CreditWatch in the following article:
S&P Warns on Subprime-Backed Issues
On July 10, Standard & Poor's Ratings Services placed its credit ratings on 612 classes of residential mortgage-backed securities (RMBS) backed by U.S. subprime collateral on CreditWatch with negative implications. The affected classes total approximately $12.078 billion in rated securities, which represents 2.13% of the $565.3 billion in U.S. RMBS rated by Standard & Poor's between the fourth quarter of 2005 and the fourth quarter of 2006. A list of the issuers of the RMBS securities in question appears at the end of this article.
Tuesday, July 10, 2007
Who Are We Trashing?
There's been a lot of talk in the comments section about the fact that I am focusing on the negative aspects at FNLC and some folks think that I should be concentrating on the things that are trying to make this company better. I often receive comments about two members of the exec team in particular, and there seems to be a perception that they are being unfairly singled out for all of the company's woes.
You know what? That is true. These two people are being unfairly singled out. They aren't to blame for all of FNLC's current problems. Let's not forget all of their cronies and sycophants who do their bidding while historically turning a blind eye to disastrous (and illegal) situations simply because they were still benefitting from the money they generated!
I ask you, the Last NLC community, to refrain from bashing the same two individuals over and over again. They have had plenty of help bringing this company to the verge destruction, and we shouldn't forget the below-average and underqualified management team members who have constantly demonstrated their ability to "do what is required" to save their own jobs while slogging through the path of least resistance. These fine examples of incompetence deserve our attention as well.
And for those of you looking for some positivity about FNLC, I suggest you read whatever nonsense passes for news and information on the corporate intranet site these days. I am well beyond giving the company any benefit of the doubt to believe that they have any of my best interests or well-being in mind and I will continue to make sure that the voices of the employees who have their livelihoods hanging in the balance with every poorly-made exec decision are heard.
You know what? That is true. These two people are being unfairly singled out. They aren't to blame for all of FNLC's current problems. Let's not forget all of their cronies and sycophants who do their bidding while historically turning a blind eye to disastrous (and illegal) situations simply because they were still benefitting from the money they generated!
I ask you, the Last NLC community, to refrain from bashing the same two individuals over and over again. They have had plenty of help bringing this company to the verge destruction, and we shouldn't forget the below-average and underqualified management team members who have constantly demonstrated their ability to "do what is required" to save their own jobs while slogging through the path of least resistance. These fine examples of incompetence deserve our attention as well.
And for those of you looking for some positivity about FNLC, I suggest you read whatever nonsense passes for news and information on the corporate intranet site these days. I am well beyond giving the company any benefit of the doubt to believe that they have any of my best interests or well-being in mind and I will continue to make sure that the voices of the employees who have their livelihoods hanging in the balance with every poorly-made exec decision are heard.
Tuesday, July 3, 2007
At Least We Know Where The Rent Money Is Coming From
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.
Subscribe to:
Posts (Atom)