A federal regulator said today it terminated the cease-and-desist order against Fremont Investment & Loan in Brea, a once top subprime lender that no longer exists.
In July, parent company Fremont General sold the bank’s $5.2 billion in deposits and 22 bank branches to investment company CapitalSource Inc. in Chevy Chase, Md., which immediately created CapitalSource Bank.
As for Fremont General, interim CEO Richard Sanchez said while in Chapter 11 bankruptcy the company is deciding between a reorganization or simply liquidating its remaining assets.
Fremont has until Jan. 30 to submit a plan to the bankruptcy judge, or creditors may create a plan for it, Sanchez said.
He said the Federal Deposit Insurance Corp.’s cancellation notice, officially dated Oct. 29, was a purely administrative move. Fremont already gave up the bank’s charter. There is no bank.
And some highlights from Fremont’s long saga…
- Subprime’s dearly departed
- Fremont’s CEO and president resign
- Your Fremont deposits are safe, says CEO of new O.C. bank
- O.C. gets new bank
- Court approves Fremont sale
- Fremont General files for bankruptcy
- FDIC approves sale of Brea bank’s assets
And in other mortgage news…
- Mortgage rates low but….
- Delinquent mortgages seen rising sharply in 2009
- JPMorgan cutting 9,200 jobs at Washington Mutual
- Popular mortgage blogger and stinging media critic dies at 47
- 6% of O.C. million-buck home listings are distressed
- O.C. house prices seen rising in 2013
- Rebuttal to Fed plan
- Paying your mortgage may be the best use of your money
