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March 20, 2007
Lender Fremont General Corp. has announced layoffs that will affect several hundred people in its subprime mortgage lending unit. Fremont is one of several subprime lenders dealing with a turbulent market and a cease and desist order from the Federal Deposit Insurance Corp.
In a press statement the company said, "As Fremont reported on March 5, the company had determined to cease funding "subprime" mortgages, and many employees in that business were asked to remain at home on paid leave until further notice. The company continues to aggressively pursue its options with respect to its business. Given the uncertainty of this situation and its impact on employment, the company has given notice of termination to these employees on leave, to become effective on May 18, 2007. During this period, unless they secure other employment, these employees will remain on Fremont's payroll and be covered under the employee benefit plans."
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