Friedman, Billings, Ramsey (FBR) Raises Buyback To 100M Shares, Suspends Dividend, Announces Write-Offs
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Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) said its Board of Directors has approved an increase in the number of shares of the Company's Class A common stock that the Company is authorized to repurchase from 50 million shares to an aggregate of 100 million shares, of which 23.6 million shares have already been repurchased.
Friedman Billings also announced a suspension of its cash dividend, sales of its on-balance sheet securitized loan portfolio and goodwill write-offs of $108 million.
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