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Preferred Credit Looks for Buyers

September 19, 1997|E. SCOTT RECKARD

IRVINE — Preferred Credit Corp. has quietly put itself up for sale after scandals that aborted an initial stock sale, forced out its No. 2 executive and led to rebates to 17,700 overcharged customers.

Sources said Thursday that Preferred has hired Minneapolis investment firm Piper Jaffray Inc. to find out whether all or part of the Irvine company can be sold.

Preferred is looking for buyers for a sales network that marketed debt-consolidation loans nationally to homeowners with solid credit but little or no home equity. Last spring, the network included 12 retail offices in seven states.

A source also said there might also be a market for existing loans. The companysells loans in bundles to investors.

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