FMNTQ - Fremont General Corporation - Page 3

I put a limit in of $0.40 since it closed at $0.42..We'll see if I have it in the morning

S&P Downgrades Fremont General
Tuesday March 18, 5:18 pm ET
Standard & Poor's Downgrades Fremont General After Bond Default

NEW YORK (AP) -- Standard & Poor's Ratings Services cut its rating on Fremont General Corp. after the bank failed to pay the interest on some of its bonds.

The Brea, Calif.-based company said this week it did not make $6.6 million in interest payments on $169 million in bonds.

S&P said this will put the company in default. The ratings agency downgraded Fremont to "D" from "CC," implying the company is in default.

amazing..after reading their news on Tues. I was a little weary about this one. I almost sold it for a tiny loss the other day. Glad I DIDN'T!

Thurs, March 20
Fremont to Sell Loan Servicing Rights
Fremont General to Sell Mortgage Servicing Rights to Carrington Capital for Undisclosed Price

BREA, Calif. (AP) -- Financial services company Fremont General Corp. said Thursday will sell the servicing rights on certain securitized mortgage loans to a subsidiary of Carrington Capital Management LLC for an undisclosed amount.

The underlying mortgage loans have a total remaining principal balance of about $1.9 billion, or roughly 13 percent of the total remaining principal balance currently serviced by Fremont.

In addition to the purchase price, Fremont will be reimbursed over a 12-month period for outstanding advances it previously made up to the expected closing date of April 1.

Carrington is not acquiring the bank's servicing platform, nor is it assuming any of the bank's pre-closing liabilities, Fremont said.

The mortgage servicing rights represent the present value of expected fees that are paid out of the securitized loan pools for activities such as loan collection, customer service and loss mitigation.

The sale of these rights means the collection, customer service and loss mitigation activities on the related loans will become the responsibility of Carrington upon closing of the deal.

Fremont General has been struggling to turn itself around following the collapse of the subprime mortgage industry.

Earlier this month, the company said it received default notices on $3.15 billion in subprime mortgages it sold to investors a year ago. It also warned it likely would fail to meet conditions of the deal that call for the bank to maintain a minimum net worth or buy back the loans.

Fremont shares rose 2 cents, or 4.8 percent, to close at 44 cents. Shares continued to rise in aftermarket electronic trading, gaining 15 cents, or 34 percent, to 59 cents.

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It closed in the green 0.19 with a change percentage at 45%..I leave for 2hrs and come back to see this great news!! I'll be looking to get out early next week!

Haha!

I posted a couple days ago and already forgot about this thread!

I took a position on this last week and thought i was going to see my money go *poof!*

Then, out of nowhere this PR comes out and glory, glory halleluiah!!

Glad I held on. Was considering taking the loss on this!

I almost sold my shares today, glad I held onto mine as well.

Hey Tommy, where ya been!!?

Anyways, I don't know if you caught a play I called last night. I don't have enough money in my account to have made it worth the play (tied up in other stocks right now), but CCOW tanked yesterday closing at 3.76, opened this morning at 4.51 and closed at 6.48, with a high of 7.42.

I know you throw big money around so that would have been a kickass play for you!!

I'm keeping an eye out for more plays. I'll probably keep posting them in the "What are you watching tomorrow" thread.

My next "watch" is going to be BGP. Might still drop a little on Monday, but if not might make a good bounce play Monday or Tuesday.

i almost sold too, haha.

i was wondering what was going on with the after hours pricing.

I use to, but I had to take money out to pay some bills and that CCTC and MCEL and then FMT depleted my stock money.

I bet I have less money than you now in stocks.

That was a great call by you, did you post it on the bouncy bouncy baby thread?

did anybody sell this morning when it hit 0.77?

Nope. Got online too late...

BGP up 28.4% $to 6.51

That sucks. I got on when I woke up right when it hit 0.77..Didn't sell than as I figured it could wait till I got over to my day job..Once I got here got online and looked and it shrunk back down into the 60's ..Debating about letting it go later today, going to keep my eye on the charts

Moving up!

Looking nice now! .67x.68

Looks like it's trying to work it's way back...

Happy to see this. Keep climbing babe-e!! haha

Nice day here.
Fremont General Corp. $ 0.68


Short Interest (Shares Short) 20,015,300
Days To Cover (Short Interest Ratio) 3.6
Short Percent of Float 31.24 %
Short Interest - Prior 19,954,200

Kinda starting to take a nosedive though...

Here's an interesting read.

Headline is :
Fortress is looking to buy, CEO Edens says
Firm aims to raise $15 to $20 bln; may target beaten-down mortgage securities

http://www.marketwatch.com/news/stor...B69A92A6C2C%7D

Interesting headline. I sold off my shares today because of the nosedive. We'll see what happens may pick it up again later