Freemont General
April 27, 2008 – 9:03 pmWhen the stakes couldn’t be higher and it came time to put up or shut up, Fremont General readily put it self up for sale:
Fremont General Corp said on Monday it was selling its bank branches and deposits to CapitalSource Inc several weeks after U.S. regulators ordered the struggling California lender to raise capital or put itself up for sale.
With its residential real estate lending shuttered this is effectively the last nail in the coffin of Fremont General. As with so many of those who fed in the frenzy of subprime steroids, Fremont’s sprint to riches ends in an agonizing slow death, crawling on its belly over FDIC glass to Chapter 11.
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