Lew Ranieri, the co-inventor of the MBS, believes the mortgage industry can cut through its portfolio of troubled loans by aggressively reducing the principal amount owed on delinquent loans. Speaking at an FDIC meeting on Tuesday, Mr. Ranieri noted that "cutting the principal is better than putting the loan in foreclosure," adding that in a foreclosure "the costs can eat up the principal in a hurry." Because of his long history and expertise in the mortgage industry Mr. Ranieri has the ear of several regulators…
Franklin Bank Corp. on Tuesday said it had been notified by the NASDAQ stock market on July 23 that it no longer met listing requirements because its share price had been below the required minimum price of $1 for 30 consecutive days.
Houston-based Franklin has until Jan. 20, 2009, to regain compliance. In the meantime the company’s shares will continue to be listed on the NASDAQ under the ticker symbol FBTX.
In May, Franklin chief executive Anthony Nocella resigned in the wake of an internal investigation that uncovered numerous accounting errors related to the bank’s residential mortgages and construction lending.
Lewis Ranieri, Franklin chairman, filled in as CEO until the appointment in late June of Andy Black, president and chief operating officer of the Houston bank holding company’s Franklin Bank operating subsidiary, as interim chief executive.
Franklin Bank Corp. shares closed up 6 cents Tuesday at 62 cents.
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