Fremont Investment & Loan News and Gossip.

What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Fremont Investment & Loan stack up against the competition?

They are going to layoff their entire staff within 2 weeks.

They laid off everyone today 3/5/07

Downers Grove IL said: They laid off everyone today 3/5/07

They didn't lay off everyone...just everyone in their residential loan division. THey are on paid leave and will find out in the coming days for how long.

Thanks for clarifying beach girls in San Clemente... accurate information. Retail and Commericial still strong!

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beach girls said: They didn't lay off everyone...just everyone in their residential loan division. THey are on paid leave and will find out in the coming days for how long.

This is accurate information. There has been no new news to employees of the residential loan division as of right now. They have to call in everyday to see if anything has happened.

Caligirl said: Thanks for clarifying beach girls in San Clemente... accurate information. Retail and Commericial still strong!

Yea but 76% of Fremont employee is coming from Residentail side. Commericial only has 160(+/-) employees. Retail has 230(+/-) employees. so what is going to happen to those 2600(+/-) employees?

What are they going to do with the servicing dept. in Irving, Tx?

We hope they sold the business so you won't lose your job.

Something is going to happen very soon

I heard as of today all operations employees for Fremont Investment and Loan were terminated

We just found out today at 5pm that Fremont has laidoff operations. We will receive our salaries till May 18th, 2007. I was a Underwriter for our Concord office.

Nikki,
I was Review Appraiser in Elmsford, I am relieved that its over, it was good run.
Its a shame, I was there for 3 years- Good company to work for
Now we move on to the next level

Sorry to hear about Fremont. I worked in Downers Grove for 5 years up until last August. It was a wonderful place to work. I wish all of you the best.

thank you for your kind words. I think the most wonderful experience was the people we worked with. We all became family. I had the chance to meet couple of people from Downers Grove. They are so sweet and nice. I would to stay in touch with everyone.

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?
How does Fremont Investment & Loan stack up against the competition?

In light of the fact that parts of this company have been closed with a very generous severance package to the affected employees, I don't see the point in negativity. It was a good run, a great company to work for and we have all gained valuable experience.

I keep seeing ads saying fremont is located in more then just Ca but when I look up FL for a num or website I cant loacate them ..was just wondering if it really is located in other states as it states or just Ca

Yes it is in other states. Fremont is pretty big.

Can anyone please shed the light on what this means to us people that have our residential mortgage with Fremont!

It has no impact on your mortgage.They are not providing any new mortgages

does anyone know if thier located in fl and if so where abouts ...i tryed the 800# but couldent reach anyone just the recored crap....if anyone knows of a num i could try or a web page pls let me know..thxs

Saw something on google about a division in tampa. might have been a couple of pages in. good luck finding it

yea i saw that but i think there one of the ones that shut down...but i'll keep looking see if i can find something about tampa..thxs for getting bk to me

Fremont Investment & Loan
1511 N West Shore Blvd Ste 450
Tampa, FL 33607-4549View Map
(813) 636-9425

thxs for all ur help i really apreaciat it

Good luck!! I'm just as happy as can be that this doesn't have any effect on my loan

ur lucky then.... most of my stuff is out of ca. but w/ all the crap going on its messing w/my rental prop. and it would be easier if i could drive over and slap someone rather then talk on the phone lol

Hi Nikki-
It's me Mark, your favorite AE with blue eyes. Send me an e-mail. My address is my first and last name (all 1 word, all lower case) at comcast.net.

beach girls said: They didn't lay off everyone...just everyone in their residential loan division. THey are on paid leave and will find out in the coming days for how long.

I live in SC too!

Mark H said: Hi Nikki-
It's me Mark, your favorite AE with blue eyes. Send me an e-mail. My address is my first and last name (all 1 word, all lower case) at comcast.net.

If there is anyone out of the Illinois branch that is interested in working in a small mortgage broker shop, we are interested in qualified loan originators. We are based in Lemont, Illinois and do both residential and commercial origination.

Go to our website at www.jjpmortgage.com or email me at jpasierb@jjpmortgage.com

So the whole residential part is MIA? Ughhh

So what this means to the money we invested in Fremont Investment & Loan's CDs?
Should We pull out those CDs?

I'm an insurance contractor getting ready to rebuild a fire damaged home wherein Freemont is the insured. Should I be concerned about getting paid with the problems Freemont is facing

Joe - as long as the home you are rebuilding was insured at the time of the loss, you will be paid by the insurance company, not Fremont. The insurance check is usually made to the homeowner and Fremont. The check will be endorsed for payment. Remember that if Fremont has a mortgage on the real property in question, they will protect their interest. Additionally, Fremont has always governed itself with integrity. I wouldn't worry. Just follow the proper procedures I am sure you are accustomed to.

Dustin in Southern Cal in Los Angeles, California said: So what this means to the money we invested in Fremont Investment & Loan's CDs?
Should We pull out those CDs?

Dustin - your CD's are FDIC insured up to 100,000.

This was a forced insurance policy by the courts. The title company messed up the deed at purchase and the house burned down a couple months after the purchase while the new owners rented it to the former tenants. It took 7 months for ownership to be determined. Now its not the home owner's insurance policy, but Freemonts. The check will be only to Freemont and they will control the dispursements. With Freemont have financial problems, firing employees, and closing down some operations, should I be concerned about being stiffed from payment.

anyone know who bought or is planning on buying fremont?

i thought they jusy went solely commercial and cesed residential lending at this point

A hedge fund titled Ellington Capital Mgmt.

Does anyone know Fremont's benefits website? Also, can anyone tell me when our health insurance expires? Thanks!

Does anyone know about the Litigation against Fremont by Fremont General employees.
Is this just for the CA employees

I received something in the mail from an attorney about the case. It is a class action lawsuit on behalf of all of the Fremont employees who purcahsed Fremont stock from May 2006 to current. It basically states that they will seek repayment of all of the money that we lost from our 401K. It also states that Fremont knew, or should have known that their stock was not a good investment and should have urged us not to invest in their stock. It said that Fremont continually told us that everything was ok, and we had nothing to worry about as far as the company. They said we were one of the strongest companies in the industry and that they had plenty of "liquidity" to get us through the hard times. During that time, the price of our stock dropped drastically. They also mentioned that some of the directors of Fremont sold millions of dollars worth of stock while the rest of us had no idea what was going on. They said that the Fremont employees lost over $20 mil. of our 401K within a years time. I hope this helps.

Amy in Schaumburg, Illinois said: I received something in the mail from an attorney about the case. It is a class action lawsuit on behalf of all of the Fremont employees who purcahsed Fremont stock from May 2006 to current. It basically states that they will seek repayment of all of the money that we lost from our 401K. It also states that Fremont knew, or should have known that their stock was not a good investment and should have urged us not to invest in their stock. It said that Fremont continually told us that everything was ok, and we had nothing to worry about as far as the company. They said we were one of the strongest companies in the industry and that they had plenty of "liquidity" to get us through the hard times. During that time, the price of our stock dropped drastically. They also mentioned that some of the directors of Fremont sold millions of dollars worth of stock while the rest of us had no idea what was going on. They said that the Fremont employees lost over $20 mil. of our 401K within a years time. I hope this helps.

Hello Amy;

You said you received a letter in the mail from an attorney? Did you get on a list to receive information? Would you mind sharing the attorney information? I use to work for Fremont and was part of the stock and 401k.

Thank you

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Fremont is still hanging in there. A deal is in the works with a company by the name of "Ellington". Hopefully I get to keep my job and relieve some stress.

The plot thickens, really thickens! On March 13, 2007, Fremont got into BIG trouble with Federal Deposit Insurance Corp. The agency blasted them for unsafe lending practices, especially with regard to large volume of sub-prime mortages. Fremont signed a Cease and Desist Consent Decree admitting to a laundry list of bad practice and agreeing to make lots of changes while FDIC looks over their shoulder, with possibility of more actions against the co. The entire FDIC document (in PDF format) is at: www.fdic.gov/bank/individual/enforcement/2007-03-00.pdf

Fremont did NOT admit to the allegations of the FDIC's C&D. They complied with the order, which is not admission of guilt. It is my understanding that nothing illegal was found, only recommendations for better lending practices. The company chose to exit the subprime lending business.