Santa Monica-based Fremont General Corp. said Monday it’s letting go a number of its 2,400 workers at its Brea-based subprime mortgage unit.
Employees will receive pay and benefits through May 18 unless they take other jobs, Kyle Walker, chief executive of the Fremont Investment & Loan subsidiary, told employees on a recent conference call, according to Bloomberg.
The employees had been put on paid leave earlier this month when the company said that it was shuttering the subprime business and seeking a buyer.
The company still is in talks with several potential buyers, it said earlier this month.
Fremont is continuing to operate its commercial real estate lending and residential loan servicing operations.
