Advertisement
YOU ARE HERE: LAT HomeCollections

BRIEFLY

Progressive S&L filed a suit over mortgage losses.

April 09, 1985

The Alhambra-based thrift sued Barclays Mortgage of Santa Ana, alleging that the mortgage firm owes it $3 million in connection with faulty loans that Barclays packaged. (The mortgage company is not related to London-based Barclays Bank.) The loans were backed by financial guarantee bonds issued by Cal-Farm Insurance, a Sacramento-based insurer that was taken over by state regulators last week because of problems with as much as $100 million of such bonds. Progressive said last week that it faces undetermined losses because it holds $17 million in loans backed by Cal-Farm bonds and secured by property of uncertain value.

Advertisement
Los Angeles Times Articles
|
|
|