Ouch! 6% early default!
Fremont Investment and Loan has the dubious distinction of being the lender with the highest early default rate for 2006… Ouch, that is one list to not be on the top of!
Being smart they have made corrections and pink slipped 8000 brokers who were “highly correlated” to the sudden rise in defaults and gotten that rate down to 3%. Some of the brokers may have done nothing wrong, but specialized in 80-20 loans that Fremont cut back on according to Fremont vice president of marketing Mike Koch.
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