INVESTOR ALERT: Susman Godfrey L.L.P. and Kahn Gauthier Swick, LLC Announce Filing of Securities Fraud Class Action Lawsuit Against Fremont General Corporation

Susman Godfrey L.L.P. and Kahn Gauthier Swick, LLC ("KGS") have filed a class action lawsuit against Fremont General Corporation ("Fremont" or the "Company") (NYSE: FMT) in the United States District Court for the Central District of California, on behalf of shareholders who purchased the common stock of the Company between May 9, 2006, and February 27, 2007, inclusive (the "Class Period"). No class has yet been certified in this action.

UNLESS A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY.

Fremont and certain of its officers and directors are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934 (the "Exchange Act").

The Complaint charges that throughout the Class Period, Fremont presented itself as a company that was well-equipped to manage a large, multi-billion-dollar portfolio of sub-prime real estate loans. Fremont repeatedly stated that the Company maintained systems and procedures to monitor the quality and performance of these loans -- including the maintenance of loan loss reserves sufficient to cover foreseeable losses expected in its loan portfolio, relative to market conditions.

At the end of the Class Period, the truth began to emerge that, in fact, Fremont had engaged in unsafe and unsound business practices that negatively impacted its business. On February 27, 2007, and in the following days, shortly after certain officers and directors liquidated millions of dollars of their personally held shares, the Company disclosed: (1) Fremont could not issue its financial statements for the last quarter and full year of 2006; (2) The Federal Deposit Insurance Corporation had determined that the Company had engaged in unsafe and unsound banking practices and had committed violations of law or regulations; (3) Fremont would be forced to abandon the sub-prime lending market; and (4) Fremont's auditors had refused to issue an auditor's report on the Company's 2006 financial statements.

Following these disclosures, Fremont's stock price sharply declined over the course of several trading days -- reaching a new 52 week low and losing over 50% in market value in a very short period of time.

If you wish to serve as lead plaintiff in this class action lawsuit, you must move the Court no later than November 13, 2007. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you would like to discuss your legal rights, you may email or call KGS Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, or by email at lewis.kahn@kgscounsel.com . To learn more about this case or the law firms that filed it, you may visit www.susmangodfrey.com or www.kgscounsel.com .

SPECIAL NOTICE: While federal law does not prohibit other lawyers from "announcing" the filing of this class action through the issuance of other press releases, Susman Godfrey L.L.P. and KGS are the law firms that researched, investigated, drafted and filed the securities fraud case against Fremont. If you are a Fremont shareholder who decides to contact one of these lawyers, Susman Godfrey L.L.P. and KGS remind you to interview any such lawyer to assure that he or she understands the facts surrounding the substantive claims alleged in the complaint Susman Godfrey L.L.P. and KGS have filed with the Court. Factors bearing on a law firm's ability to successfully prosecute this action and obtain a recovery for you include its lawyers' knowledge of applicable federal securities laws, the resources it will dedicate to prosecution of the case (including the number of lawyers the firm has available to prosecute this action) and the quality of the firm's work.

Contact: KGS Managing Partner Lewis Kahn toll free 1-866-467-1400, ext. 100 lewis.kahn@kgscounsel.com