Friedman, Billings, Ramsey Group Inc., established in 1989 as a securities research and trading firm, built a franchise helping companies raise money. In 2005, the firm made a decision to invest about $550 million in the subprime mortgage business, including the acquisition of First NLC Financial Services, a Florida-based lender. Friday January 11 brought news that First NLC Financial Services LLC subprime lending unit will file for Chapter 11 bankruptcy protection because of worsening mortgage market conditions, and plans to liquidate. There are no plans to pump money in, nor are there any plans to sell First NLC.
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