FBR Capital Markets announced today the appointment of Bradley Wright as chief financial officer and executive vice president. Wright joins FBR from Bear Stearns, where he was a senior managing director in charge of finance for the private client services business. He joined Bear in 1996 following 14 years at Price Waterhouse, where he was part of the capital markets and treasury division. “Brad’s extensive knowledge and experience in the financial services industry will be invaluable as we continue to maximize the strength of our balance sheet and execute our strategic plan,” said Eric Billings, FBR chairman and chief executive. FBR is the majority-owned, public capital markets subsidiary of Friedman, Billings, Ramsey Group. Both are based in Arlington, Va., and share a chairman and CEO, Billings. Kurt Harrington will continue as CFO and executive vice president of Friedman, Billings, Ramsey.
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The Next Chapter for FBR
FBR Capital Markets, a 21-year-old investment bank hobbled during the financial crisis by a bloated cost structure and ties to a mortgage REIT, seems to be making all of the right moves. But it is still waiting for them to pay off. The Arlington, Va., firm is now completely separated from its former parent, which […]
FBR Units in a Divorce
Two main business units that used to make up Friedman Billings Ramsey Group, Arlington, Va., are going for the full divorce. Arlington Asset Investment Corp. (the name FBR is using and expects to adopt legally after its annual meeting in June) will sell 16.7 million shares of common stock it holds in FBR Capital Markets […]
FBRG Changes Name to Arlington Asset Investment
Friedman, Billings, Ramsey Group, a real estate investment trust headquartered in Arlington, Va., is changing its name to Arlington Asset Investment Corp. It will begin doing business under its new name immediately but needs to get approval from shareholders to amend its charter to reflect the name change at its next annual shareholders meeting in […]
Credit Card Losses Seen Surpassing Levels of Last Two Recessions
Rapidly deteriorating employment conditions are propelling losses on card receivables into unfamiliar territory. In fourth-quarter reports, major issuers said they are working under forecasts that joblessness will reach levels not seen in almost three decades, making the last two recessions uncertain guides. The issuers either ratcheted up their projections for credit losses or did not […]
FBR: Cramdown Bill Could Cause Surge in BK Filings
Cramdown legislation pending in Congress could cause a “substantial” surge in bankruptcy filings by consumers, including mortgagors who are currently paying their loans, according to a new report by Friedman Billings Ramsey (FBR). FBR notes that banks, thrifts and other large holders of second liens “would most likely be wiped out by a bankruptcy judge […]