Took a small gain on SIGA, I would like to have waited for more but FMT found a new auditor today and I didn't want to miss the boat on it.
yahoo.reuters.com
Fremont General hires same auditor as Accredited
Wed Apr 25, 2007 9:24am ET
Market View
FMT (Fremont General Corp )
Last: $7.88
Change: +0.13 (+1.68%)
Revenue (ttm): $1,128.3M
EPS: 2.21
Market Cap: $603.43M
Time: 9:44am ET
NEW YORK, April 25 (Reuters) - Fremont General Corp. (FMT.N: Quote, Profile , Research), which is getting out of the subprime home mortgage business, on Wednesday said it hired Squar, Milner, Peterson, Miranda & Williamson LLP as its new auditor.
The announcement was made two weeks after Accredited Home Lenders Holding Co. (LEND.O: Quote, Profile , Research), another subprime lender, said it hired Squar Milner as its own auditor.
Grant Thornton LLP resigned less than a month ago as the auditor for Fremont and Accredited, which make home loans to people with poor credit histories. It said the lenders "no longer meet our requirements for client acceptance."
Santa Monica, California-based Fremont said Squar Milner will begin work immediately to complete the audit of its 2006 financial statements.
Squar Milner has offices in Newport Beach and San Diego, California. Accredited is based in San Diego.
Last week, Fremont said it is in exclusive talks to sell its residential lending business to an unnamed party that also agreed to acquire about $2.9 billion of subprime mortgages. It did not identify the prospective buyer.
Like many rivals, Fremont has struggled with rising defaults, slowing home price appreciation, and investors' growing unwillingness to buy loans.
Fremont has said it plans to retain its commercial real estate lending business, and continue to accept deposits.
Fremont shares closed Tuesday at $7.75 on the New York Stock Exchange. They began the year at $16.21 |
