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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (363384)	3/24/2008 8:38:57 AM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Fremont finds sanctuary... Fremont General Spikes Up Steeply In Pre-Markt On Plans To Sell Mortgage Servicing Rights To Carrington Mortgage Services [FMT] 3/24/2008 8:36:48 AM Fremont General (FMT) jumped in pre-market trading, up about 91 percent. The climb came on news that the company plans to sell its mortgage servicing rights to Carrington Mortgage Services. The stock was up 40 cents just before 8:35 am ET, rising to $84 cents. If pre-market gains hold, the stock will open at its highest level in about two weeks. Fremont General on Thursday said the Bank signed a definitive agreement to sell the mortgage servicing rights to mortgage loans currently held in certain securitization trusts sponsored by an affiliate of Carrington Capital Management, LLC to Carrington Mortgage Services, LLC, a wholly-owned subsidiary of CCM. According to the company, the mortgage servicing rights to be sold are associated with underlying mortgage loans with a total remaining principal balance of approximately $1.9 billion. The deal is expected to close on April 1, 2008. In addition to the purchase price for the mortgage servicing rights, the Bank would be reimbursed over a twelve month period for outstanding advances previously made by the Bank up to the closing date pursuant to the terms of the definitive agreement.