Fremont General (FMT) Announces Receipt of Notice of Covenant Default With Respect to Guaranties Issued in Connection With Certain Prior Residential Sub-Prime Loan Sale Transactions
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Fremont General (NYSE: FMT), doing business primarily through its wholly-owned bank subsidiary, Fremont Investment & Loan ("Bank"), announced today that it has received notices from two affiliated third party purchasers of an aggregate of $3.15 billion of residential sub-prime mortgage loans that it had sold in March 2007, alleging that the Company was in default with respect to at least one of several obligations that the Company had undertaken in connection with such loan sales (the "Notices").
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