(Reuters) - Fremont also said it had agreed to sell a minority stake in
the entire company to an investor group led by Gerald Ford, the
former chief executive of Golden State Bancorp Inc., for about
$80 million in the form of preferred stock and warrants to buy
more common shares.
The deal could eventually lead to the investor group owning
20 percent of the outstanding stock of the company, one of
several lenders to less credit-worthy home buyers who have
scrambled to overcome rising defaults and late payments amid a
U.S. housing slowdown.
Read more at Reuters.com Mergers News
the entire company to an investor group led by Gerald Ford, the
former chief executive of Golden State Bancorp Inc., for about
$80 million in the form of preferred stock and warrants to buy
more common shares.
The deal could eventually lead to the investor group owning
20 percent of the outstanding stock of the company, one of
several lenders to less credit-worthy home buyers who have
scrambled to overcome rising defaults and late payments amid a
U.S. housing slowdown.
Read more at Reuters.com Mergers News
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