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Subprime Crisis Drives FBR Mortgage Unit Into Ch. 11

By Brendan Pierson (January 14, 2008, 12:00 AM EST) -- Investment firm Friedman Billings Ramsey Group Inc. announced Friday that its mortgage subsidiary, First NLC Financial Services, will file for Chapter 11 bankruptcy and liquidate its business, and that FBR does not expect to recover the roughly $12 million it has invested in FNLC....

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