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Fremont Forced to Raise New Capital
Friday March 28, 9:22 am ET
Regulators Give Fremont General 60 Day Warning to Raise New Capital or Sell Bank
BREA, Calif. (AP) -- Regulators are ordering Fremont General to raise new capital within 60 days or sell its bank.
The Federal Deposit Insurance Corp. and California's financial institutions regulator say Fremont General Corp. must either raise capital through a new stock offering or accept an offer to be acquired by another bank.
The FDIC says Fremont is currently "undercapitalized" by regulatory standards.
Early last year, regulators forced Fremont General to shut down its mortgage lending operations because of risk management problems.