Subprime Mortgage Issues Hit Arlington’s FBR Unit
14 01 2008
The Arlington based world wide financial services firm FBR Group just released a statement saying that as a result of the subprime crisis, their residential mortgage lending unit will file for Chapter 11 bankruptcy. This will result in a liquidation of all the units assets.
It is amazing to us how wide spread the issue of subprime mortgages has become. Though we guess it will finally wipe out the predatory lending practices that were getting so many home owners into unfavorable lending terms. Fortunately for the area, FBR’s headquarters in Rosslyn will not be very effected by this development because the majority of employees in the bankrupt unit are in Florida.
