Morgan Stanley (MS Quote) seems like a natural match for Fremont General's (FMT Quote) subprime mortgage business, which the Santa Monica, Calif.-based distressed lender has been looking to offload.
Hedge funds and other players have been circling with an eye toward either bagging subprime paper on the cheap or scooping up experienced staff. On Tuesday, shares of Accredited Home Lenders (LEND Quote) surged 20% on news the company scored a loan commitment from a big West Coast hedge fund.
Fremont General recently said it would sell its subprime lending business after the company consented to a cease-and-desist order from the Federal Deposit Insurance Corporation. Regulators alleged the company was operating without effective risk-management policies. Shares, after plunging on that news, surged after Fremont said it was in talks with unnamed possible buyers of the unit. ...
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