October 11, 1996 |
A Dallas real estate services company said Thursday that it has altered its deal to buy Quality Mortgage USA Inc. in Irvine, purchasing instead most of the assets for a reduced price of $65 million in cash. Under a tentative agreement last month, Amresco Inc. was going to acquire Quality Mortgage and one of its half-owners, Calmac Funding Inc., for $92 million in stock. Quality Mortgage is a unit of Calmac and DLJ Mortgage Capital Inc.
October 26, 1997 |
Two Orange County mortgage companies that filed papers to go public last week could hardly be more different. Virtual Mortgage Network Inc. in Newport Beach has been a money-losing operation--dropping a total of $13.6 million since it opened in March 1995. It has no significant track record and an unproven video-conferencing system through which borrowers and lenders meet. Even its accounting firm says that, without the company's share of the $46.9 million it hopes to raise in its initial public offering, Virtual Mortgage's financial woes "raise substantial doubt about the ability of the company to continue as a going concern."
January 30, 1998 |
Ending the only federal case against a brokerage linked to Orange County's bankruptcy, a Wall Street firm and two employees agreed Thursday to pay $870,000 to settle charges they failed to disclose the risks of investing in county bonds. The Securities and Exchange Commission had accused C.S. First Boston Corp. of intentional fraud and reckless conduct in helping the county sell $110 million in pensions bonds just before it declared bankruptcy in December 1994.