Fremont Investment & Loan News and Gossip.

Hey Trans Am;

Do you know if Ellington will open up back in Chicago Illinois? Do you have a contact phone number for the company?

Thank you

I hear it's going to be just in Anaheim and Tampa. I went to work for a competitor called BNC who is owned by Lehman Brothers. They are following the Fremont model and moving to Regional Operating Centers. They are going to open one in the Chicago area. They are already operating the ROC's in Concord, Philadelphia and are planning to open in LA, Atlanta, and Chicago.

I was a investor and contractor, bought and sold homes. Fremont put me out of business. I have over a million dollars in loans with them. one month my bank made a error and stopped payment on my mortgages by mistake. I payed them by phone when i found out. Fremont said get a letter from the bank and they would correct my credit report as I told them i had several loans on the table and if they report me 30 days late no one would touch me as i have over 15 loans out there worth about 10.5 million. they sent me a letter and refused to correct my credit report and as i said i was turned down on my loans and i defaulted because no one would touch me with the 30 day late on 3 mortgages from fremont. Fremont was the only company that wouldnt correct the mistake. all the other mortgage companies corrected it. but not fremont. I worked hard for what i had and lost it over nite

Hello Mike in St. Petersburg - Did you provide Fremont the letter from your bank confirming their error? What did your banking institution do for you as a result of thier mistake?

Mark H in San Ramon, California said: I hear it's going to be just in Anaheim and Tampa. I went to work for a competitor called BNC who is owned by Lehman Brothers. They are following the Fremont model and moving to Regional Operating Centers. They are going to open one in the Chicago area. They are already operating the ROC's in Concord, Philadelphia and are planning to open in LA, Atlanta, and Chicago.

hey Mark this is Nikki Garcia email me at nikki.garcia@wamu.net

Kyle left and is starting a residential division at Carrington. I wish him the best.

mike in Saint Petersburg, Florida said: I was a investor and contractor, bought and sold homes. Fremont put me out of business. I have over a million dollars in loans with them. one month my bank made a error and stopped payment on my mortgages by mistake. I payed them by phone when i found out. Fremont said get a letter from the bank and they would correct my credit report as I told them i had several loans on the table and if they report me 30 days late no one would touch me as i have over 15 loans out there worth about 10.5 million. they sent me a letter and refused to correct my credit report and as i said i was turned down on my loans and i defaulted because no one would touch me with the 30 day late on 3 mortgages from fremont. Fremont was the only company that wouldnt correct the mistake. all the other mortgage companies corrected it. but not fremont. I worked hard for what i had and lost it over nite

Sounds like bs to me. You wouldn't be denied just for a few 30 day lates. Sorry but unbelievable!!! Your bank is the one to really blame, they started the whole mess! Go dig on them!!!

What about those of us who have loans with them ?? Anything change ??

I'm still out of work, anyone have any leads? Is there any industry hiring.

I am an executive recruiter. You may contact me at 281-852-9168. I am currently recruiting for wholesale Account Executives.

Ellington has now backed out of the Fremont purchase and the new buyer that has already signed and inked the deal is... Carrington Capital Management who recently purchased New Century Mortgage.

And wouldn't you know who recently went to Carrington.....Kyle Walker.

those types always land on their feet, but I bet they have trouble sleeping at night, some will be selling snow cones in hell

Anyone know if Fremont still holds your note if the loan is being serviced by Chase?

Mark H in Dublin, California said: And wouldn't you know who recently went to Carrington.....Kyle Walker.

Exactly, amongst other top exec's...

Ok everyone...I know Kyle. He is a good guy. Fremont's demise was not a Kyle orchestrated event....the whole industry blew up remember. People reap what they sow so any exec's that had a hand in the closure will have it coming to them....you can count on that!

Hello;

It is such a hard market right now and finding a job is almost impossible!

Does anyone know any contacts or have any recommendations to help with finding a Funder/Closer position in Chicago Illinois? (Pref: Downers Grove or Schaumburg Area)

Thanks

If you have any proof of insider trading or other criminal activity on the part of the Fremont exec's, please contact the attorneys who are moving forward with the class action law suit. A win for the employees may result in a cash settlement.

already did, I am a class rep on one as we speak

Fremont worked in states where they have no license to work - if this helps then I am a broker and I am fighting them myselt. If you think it will help send email to afmortgage03@aol.com and I can be more informative. Maybe we can help each other

Former Employee in Downers Grove in Wood Dale, Illinois said: Hello;

It is such a hard market right now and finding a job is almost impossible!

Does anyone know any contacts or have any recommendations to help with finding a Funder/Closer position in Chicago Illinois? (Pref: Downers Grove or Schaumburg Area)

Thanks

Hey who is this? It's amy b! So anyways, I work at Citigroup in Elgin now. They are hiring for a position called client relations coordinator. It's not funding (which sux anyway)but you just take calls all day and answer questions, do reworks, etc....So email me if you are interested. bavone22@sbcglobal.net

i just heard that Fremont just laid off people at there Irving and Ontario servicing center,this is just the first round I am sure there will be more to come.Looks like a closing is on the horizon.Nobody wants to buy a sinking ship.

I work at the Ontario office and was wondering if anyone knows any new news on Fremont shutting down?

I have contacted an attorney concerning Fremont's unethical business practices as a customer. I FEDEX or overnight my payments to them by the 10th of each month yet they are not processed until after the 19th so that they have been able to collect late fees. When I wrote a letter with copies of all of the proof of deliveries before or on the 10th of each month and explained that I refused to pay the late fees, they sent a notice to say I was in default of the entire loan. Never mind that their letter was sent the day after the two year balloon note no longer had a 20K prepayment penalty and was also sent two days after they sent the letter with the adjustment payment that would be in effect in two months from the date of the letter. They had to be aware that I was already looking to refinance. Now I have had to hire an attorney since they refuse to correct their errors or admit their mistakes. Fremont is a nightmare to do business with.

Before you hire an attorney, file a complaint witht he better business bureau and the FDIC (both in Los Angeles)...it is very effective and won't cost you a dime...in the complaint, be specific and require Fremont to answer you in a defined time frame...I promise this will be have an impact.

threex4825... while you're speaking with your attorney don't forget to inform him or her that you are in breach of the original contract that you signed stating you would make your payment by the 1st NOT the 10th of each month as well. Fremonts world does not revolve around "finding out" if YOU are refinancing, give me a break. i'm so sick and tired of people blaming everything on the mortgage co. Take your part of the resposibility for agreeing to a loan that YOU YOURSELF as well KNEW that you couldn't afford. Pay your mortgage on time threex and you wouldn't have run into this situation in the first place. And your tiny late fee is not worth Fremont risking litigation over. I highly doubt your story is true to begin with. Just another professional debtor...

Hi Mark H.

I haven't heard from you. How are you? Where are you working now?

Does anyone know if and or how I can contact the residential (REO) Division. I am looking at a home in spring Hill for a client to purchase. Any help or direction would be greatly appreciated. Thank you.

Hi.
I'm writing a story about some of the top lenders in South Florida. Based on interviews I've done so far, it appears there is a lot of blame to go around to various players, such as the consumers, brokers, lenders, etc. I'd like to get a sense of some of the strategies employed by lenders. If anyone on this list is a former employee who would feel comfortable being interviewed, that would be very helpful.
Thanks for any suggestions you have.
Sincerely,
Julie Patel
Sun-Sentinel
954-356-4667

hi, i would also like to find out where I can find information on Fremont Investment & Loan's REO's in Florida, please let me know if you find this out!
thanks!

If there are any former Fremont employees willing to be interviewed by the Sun-Sentinel to share information about how subprime loans were issued, what problems surfaced and what consumers may consider doing now, that would be helpful.

Julie
954-356-4667

Hello Everyone. My name is Elisa and I worked in Uniform/ NetOxygen Support from June of 2004 until November 2006. I was just logging in to see if any of you have any news on FIL as of late. I haven't heard a whole lot lately except that the Santa Monica office closed and everyone is in the Brea office now. Does anyone know what became of Pac Center or the 175 Riverview Bldg in Anaheim??

Go to Google Finance, type in FMT - and presto, over to the right of the Graph you'll see all the latest news showing how deeply troubled this company is - stock price trading between $2.50 - $3.00 /share, revised rating from B to CCC+, liquidity issues - essentially a house of cards about to be blown over...

I guess the guys at the top made out okay, but after litigation commences - we'll see how well they've done...

If you work at Freemont...start looking for a new job. The Brea Branch is about to go under soon from my Freemont resource.

I have info about this. The Bank has been sold will all of its assests. They will be breaking off within the next 6 months or so. The Loan Servicing Division in Ontario will most likely be closing within the next 2-3 months. The main building at Pac Center is empty, but 1041 is still there for the Imaging Dept. The only thing that will be left after the sale of the bank is completed is 175 and the Brea office. But we dont know how much time they have either.

10 to .12 cents a share on the over the counter "penny-stocks" - HAHAHAHA AH HAHAHA HAHA - bye bye "little fremont". Over 80 years in business and the greed of the subprime mania sent you into your death spiral. The 60 day WARN act has been invoked - all of you dupes that still work there better get a new job....but not in mortgage banking - all of those remaining jobs are either dried up or already taken!!

And by the way, how is your ESOP doing??

BLAH HAHAHAHA. Should have got out when the getting was good...

Bad company + poor managment + poor business plan X zero risk managment = unmitigated DISASTER!!!

And now they are ready to run CARRINGTON into the GROUND!!

Isn't it just GREAT??

Your a jerk Jack. How dare you insult the integrity of a once-fine company and take delight in other peoples' retirement and employment woes. Why are you SOOOO MEAN??

Simple, just call me Jack Schadenfreude....

Jack in Long Beach, California said: 10 to .12 cents a share on the over the counter "penny-stocks" - HAHAHAHA AH HAHAHA HAHA - bye bye "little fremont". Over 80 years in business and the greed of the subprime mania sent you into your death spiral. The 60 day WARN act has been invoked - all of you dupes that still work there better get a new job....but not in mortgage banking - all of those remaining jobs are either dried up or already taken!!

And by the way, how is your ESOP doing??

BLAH HAHAHAHA. Should have got out when the getting was good...

Bad company + poor managment + poor business plan X zero risk managment = unmitigated DISASTER!!!

And now they are ready to run CARRINGTON into the GROUND!!

Isn't it just GREAT??

What is the 60 day Warn? We are trying to get a shor sale closed with these people and do not want to run out of time. Are they going to be closed in 60 days-what happens to the loans?

Actually the Warn Act is a legal requirement that employers with over 100 employees must give a 60 day notice of pending mass layoffs. Someone I used to know that presently works there has been given this notice...

You being a customer of this P.O.S. company will likely have nothing to worry about - they would either keep a skeleton crew around in foreclosure and REO or outsource these functions to help them unload the TOXIC WASTE of loans that they could not digest into a profit. And what TOXIC waste there is: with over THREE BILLION DOLLARS in defaults the LARGE INTESTINE of this company is ready to take a HUGE crap... And with this company facing a laundry list of litigation and their stock price fluctuating between .10 and .15 cents a share and it won't be long before the stock FLATLINES to ZERO...

Anyone care to read this company its Last Rights??? OH wait I forgot - its an artificial entity and HAS NO SOUL!!!!

Jack-they said they were going to foreclose on the property- they had already sent it to the attorney,whenI told them we would put it in chapter 11 they changed their tune. The want 90 percent of the REO appraised value or they will turn the offer down.We offered them $500k on a $714k loan. They now claim there is $780k due. The appraisal they got was for $725k the property has lost 450,000 in value since the loan was made. What would you do?

Jack, also, are the WARN notices to the bank(FIL) employees(CSE deal) or the Mortgage(FMT) side?

Vustomer - did you make your purchase as part of a corporation or partnership?? Last I understood is that Chapter 11 is a form of corporate bankruptcy allowing companies to reorganize their debits so they can survive a downturn and avoid liquidation. Did you mean to say Chapter 7 or 13??

In any case - if you say that you have purchased this property back a few years ago and it appraised for $725K and now it has lost about $450K in so-called "value" (which never really existed in the first place) this means your property is now valued at $275K - you are clearly upside down, WAYY upside down. Also if the company is saying your balance is more than the original loan amount - does this mean you financed this dud though an OPTION-ARM and took the minimum payment option thus causing the loan to negatively amortize resulting in accrued interest adding to the principal balance over time? If this is the case you must also have delinquent taxes and corporate advance fees for forced insurance and/or legal/foreclosre costs on this loan as well, cause lets face it - if you can't meet the P&I or interest only payments you certainly will have difficulty keeping current with taxes, as well as keeping up to date with your own hazard insurance. And once you go into foreclosure you begin accruing all sorts of other fees relating to the foreclosure such as attorney fees, reinstatement fees and the like. And then to add fuel to the FIRE, your variable interest rate resets at a higher amount and it all a matter of time at that point - what else could possibly account for the $66K dollar increase above your original loan balance?? This was certainly a poorly underwritten loan - a loan that anticipated ever increasing asset values and they probably made a sales pitch to you that you would just "refi" the property before the rate would reset and price you out of the house - but of course they did NOT inform you that you cannot refi in a down market durring a credit...(con't)

...CRACK-UP. The best thing you can probably do at this point is to send them some "JINGLE MAIL", that is - send them the keys and walk away from the house. It may damage your credit for the next 7 years - but lets face it - you will probably have to keep the house and endure prohibitively expensive PITI, other fees and maintenance costs for FAR MORE than 7 years before the property is once again valued at $714K, let alone the present loan balance of $780K. You will have to wait for this BUST cycle to exhaust itself - and then for another real estate BOOM MAINIA - probably another 9 years or more least we collectively suffer from short-term memory loss and have another real estate asset bubble in the next 6 years or less (highly unlikely). Besides, by walking away from the house you stick it to em - they now have to acquire the property and and make it marketable both physically and in title - something that will cost them between $50K to $100K alone BESIDES the write down they will take after the house sells to the next person as an REO for a fraction of what you owed on it. This is why their losses are so HUGE and they are in the DUMPS - because just about EVRYONE that is this far upside down is doing this - there just isn't any incentive to try to keep the house otherwise - especially when you have put little or no money down and have no VESTED INTEREST (equity value)in the property. With all of these losses as a result of you walking away, I'm surprised that they don't try to work something out with you to avoid such a write-down...
And by the way - the person I know that got the 60 day WARN Act works in the mortgage servicing side of the company, not the brances purchased by CapitalSource. Perhaps the people in the branches will be part of the assets purchased by CSE..
Just remember - renting exessive amounts of money to purchase property is much worse than just renting property. Good luck...

BYE BYE "LITTLE" Fremont:

NEW YORK (Reuters) - Fremont General Corp FMNT.PK, which is selling much of its operations after quitting subprime mortgage lending last year, on Thursday said it agreed to sell its remaining mortgage servicing rights to Litton Loan Servicing LP, an affiliate of Goldman Sachs Group Inc (GS.N: Quote, Profile, Research).

Terms were not disclosed. The sale covers rights on a $12.2 billion serviced loan portfolio. Fremont said the sale does not include its loan servicing platform, but that it intends to close its remaining loan servicing business in Ontario, California.

Fremont said it has now contracted to sell substantially all assets of its Fremont Investment & Loan unit, including a sale announced last month of its bank branches and deposits to CapitalSource Inc

Jack Schadenfreude in Long Beach, California said: BYE BYE "LITTLE" Fremont:

NEW YORK (Reuters) - Fremont General Corp FMNT.PK, which is selling much of its operations after quitting subprime mortgage lending last year, on Thursday said it agreed to sell its remaining mortgage servicing rights to Litton Loan Servicing LP, an affiliate of Goldman Sachs Group Inc (GS.N: Quote, Profile, Research).

Terms were not disclosed. The sale covers rights on a $12.2 billion serviced loan portfolio. Fremont said the sale does not include its loan servicing platform, but that it intends to close its remaining loan servicing business in Ontario, California.

Fremont said it has now contracted to sell substantially all assets of its Fremont Investment & Loan unit, including a sale announced last month of its bank branches and deposits to CapitalSource Inc

I have a loan with fremont. I just received a letter that my loan has been sold. I'm currently in the process of a loan modification. What will happen with my modification once the new company takes over 6-1-08?

s hollister in jackonville, Florida said: I have a loan with fremont. I just received a letter that my loan has been sold. I'm currently in the process of a loan modification. What will happen with my modification once the new company takes over 6-1-08?

if you were already approved for the loan modification, what happens is any $ owed is applied to the "end of your loan-you should try to contact a loss mitigation specialist at Fremont-they are still responsible to finish the modification prior to the new company taking over your loan. Your letter should have a date this new company is to take over_make contact prior to that date-once they take over, you start as a new loan.

There are a couple of foreclosed homes in my neighborhood owned by "Fremont Investment and Loan" of 3110 E Guasti Rd. Ste 500, Ontario CA 91761. One of the homes is next door and deemed unfit (water damage last winter). Who can I contact to find out what is to be done with this home? The original sale price on it was over $900,000. A contact name and phone number would be great if anyone can post or email it to bkclubmembr@aol.com. Thanks!

I was in the process of buying a house in forclosure owned by "Fremont Investment and Loan". I put in an offer about 2 mothes ago and it was finally verbally accepted but one day later I was told it was still pending approval. I keep asking wat is the status and I was told it is not declined but pending approval for over 6weeks not. After reading this forum I see that "Fremont Investment and Loan" has been through some trouble. The listing is still active for the house but nothing is happening. Is there a person to contact. The real estate listing agent is not helping at all. I'm not sure what to do

Will this asset by transfered to CapitalSource Inc and be relisted. What can I do if anything. Some help would be appreciated.

If anyone knows a contact I may use please let me know. Thanks. My email is gsop@optonline.net

All employees who will be laid off as of Aug 2 dont forget to sign and return the release form sent by FIL in order to receive your severance pay.