SOURCE: First NLC Financial Services, LLC

March 30, 2007 17:52 ET

First NLC Financial Services Announces the Restructuring of Its Operations

DEERFIELD BEACH, FL -- (MARKET WIRE) -- March 30, 2007 -- First NLC Financial Services, LLC, a leading nonprime mortgage originator, has announced the closing of a number of its wholesale operations centers and the consolidation of this function into its facilities at Deerfield Beach, Florida and Anaheim, California. These restructuring actions, which include employee layoffs, are being taken in response to reduced origination volumes across the industry and align the companies' cost structure with the current operating environment.


First NLC Financial Services, LLC, a wholly owned subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), is a nonprime residential mortgage banking company originating mortgage loans in 42 states (all states except AL, AK, DC, ME, MS, NY, ND, VT & WV). The company has its headquarters and main operations center in Deerfield Beach, FL.

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