(Reuters) - FBR said the unit, which made more than $7.4 billion of
mortgage loans in 2006, will be recapitalized, with Sun Capital
investing $60 million and FBR investing $15 million. FBR also
expects to fund $15 million of expected losses in the unit, and
will keep ownership of $250 million of new mortgages, which it
hopes to sell or securitize.
In a statement, FBR Chief Operating Officer J. Rock Tonkel
said the transaction gives First NLC "liquidity to navigate
through an exceptionally difficult mortgage market environment,"
while leaving FBR with exposure to improvement in the business
once the market begins to recover.
Read more at Reuters.com Bonds News
mortgage loans in 2006, will be recapitalized, with Sun Capital
investing $60 million and FBR investing $15 million. FBR also
expects to fund $15 million of expected losses in the unit, and
will keep ownership of $250 million of new mortgages, which it
hopes to sell or securitize.
In a statement, FBR Chief Operating Officer J. Rock Tonkel
said the transaction gives First NLC "liquidity to navigate
through an exceptionally difficult mortgage market environment,"
while leaving FBR with exposure to improvement in the business
once the market begins to recover.
Read more at Reuters.com Bonds News
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