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Tuesday, January 15, 2008

Subprime lender to file for bankruptcy protection

January 15 2008
First NLC Financial Services cites few buyers for its subprime loans. Friedman Billings Ramsey Group's mortgage lending arm, First NLC Financial Services, will file for bankruptcy protection and plans to liquidate because demand among investors for home loans has vanished, the investment bank said Monday. First NLC Financial Services, which FBR bought in February 2005 for $100.8 million, plans to file for Chapter 11 bankruptcy protection. FBR's plan to sell the business to Sun Capital Partners has fallen through, and the company said it does not expect to recoup its remaining $12 million investment in the unit's recapitalization for that sale.

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