U.S. News

Fremont General Gets Credit-Line Boost; To Delay 10-K Filing


Fremont General, which made mortgages to people with bad credit, said Credit Suisse increased its credit line to $1 billion.

Fremont shares , which had gained 11% Thursday, were trading sharply higher in premarket trading on Friday.

Fremont also said it has received various proposals for additional credit if needed to supplement the company's current liquidity position of $1.3 billion in cash and short-term investments.

Fremont expects its improved balance sheet strength and funding capacity will help it to execute its previously announced plan to exit the subprime residential loan origination business in an orderly and disciplined way.