Fremont Sells Texas Unit

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Fremont General Corp. of Santa Monica said its bank subsidiary, Fremont Investment & Loan, agreed to sell its loan servicing facility in Irving, Texas. Fremont did not disclose financial details of the buyer.


Fremont Investment said it will receive cash for the sale of the fixed assets and the assignment of its lease obligations to the Irving facility. The company did not sell any of its loan servicing assets, such as its mortgage servicing rights.


The sale comes as Fremont is attempting to get its feet underneath it amid the subprime mortgage crash.


In November, Fremont announced a major overhaul of its leadership team, including a new chairman and CEO and a completely revamped board of directors.


Also, the company shuttered its mortgage business and sold its commercial real estate business.


Shares in Fremont were up 3.2 percent to $3.62 in afternoon trading Monday on the New York Stock Exchange.

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