Subprime Lending

First NLC Files for Bankruptcy 

First NLC Financial Services, LLC will file for Ch.11 bankruptcy protection and liquidate its assets after efforts to recapitalize and sell the ailing subprime lender failed. First NLC, the origination subsidiary of Friedman, Billings, Ramsey Group, Inc., was to be sold to an affiliate of Sun Capital Partners in a deal to recapitalize First NLC, announced last July. FBR was to invest $15 million as part of the recapitalization plan.