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BREA, Calif. (AP) - Fremont General Corp. said Thursday it is selling the servicing rights on its $12.2 billion home-loan portfolio to a Goldman Sachs & Co. affiliate, ending the once-vibrant mortgage lender's loan operations.
Fremont, the holding company for Fremont Investment & Loan, did not disclose financial terms of the deal with Goldman's Litton Loan Servicing LP.
The deal is expected to close this quarter, pending approval by banking regulators.
Fremont General has now agreed to sell all of Fremont Investment & Loan's remaining assets. The company said it expects to provide an update on its plans soon.
The company's shares were delisted from the New York Stock Exchange last month, marking a dramatic downfall for the lender in the wake of the mortgage industry's collapse.
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