Fremont General Corporation · Anaheim Hills, CA United States ·(Pink Sheets: FMNTQ)
Company Description
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This link will open in a new window Fremont General owned Fremont Investment & Loan , which had more than 20 retail bank branches in California. Until 2007, the company wrote nonprime and subprime home mortgages nationwide and sold the loans into the secondary market, retaining the servicing. However, it was hit hard by the housing bust. Fremont sold its subprime lending unit to various investors, exiting the sector entirely. The company also sold its commercial real estate lending operations to iStar Financial in 2007, and sold the retail deposits and branches of Fremont Investment & Loan to CapitalSource for approximately $170 million in 2008. The company filed for Chapter 11 bankruptcy protection that year. To read the full description, subscribe now.
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Key Fremont General Corporation Financials
| Company Type | Public - Pink Sheets: FMNTQ Headquarters |
| Fiscal Year-End | December |
| 2006 Sales (mil.) | $166.4 |
| Employees | 3,500 |
Fremont General Corporation Executives
10 executives listed for Fremont General Corporation's Anaheim Hills, CA location.
| Title | Name & Bio | Contact |
| Chairman | Stephen Gordon | Network |
| Vice Chairman | David DePillo | Network |
| Interim President, Interim CEO, and Director | Richard Sanchez | Network |
Competition
Competitive Landscape for Fremont General Corporation
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Fremont General Corporation Competitors
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