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First Alliance Mortgage Co

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BUSINESS
May 14, 1996
First Alliance Mortgage Co. is planning an initial public offering of shares of Class A common stock. The company, which originates, purchases, sells and services non-conventional mortgage loans secured primarily by first mortgages on single-family residences, is planning to offer 3.35 million shares of Class A common stock. In a document filed Monday with the federal Securities and Exchange Commission, the company said it expects the shares to come to market at between $17 and $19 a share.
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BUSINESS
January 29, 2000
Irvine mortgage lender First Alliance Corp. said it lost $259,000, or 1 cent a share, for the fourth quarter, which included $2.2 million in nonrecurring charges. The company posted net income of $2.3 million, or 13 cents a share, for the corresponding period in 1998. Revenue was down 24% to $15.3 million. Despite the loss in the recent quarter because of the unusual charges, the overall operating results were in line with expectations, the company said.
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BUSINESS
June 21, 1996 | JAMES S. GRANELLI
Who would want to buy the initial offering of Class A common stock in First Alliance Mortgage Co., a 25-year-old private company going public next month? New investors would get a small stake and a tiny voice in the Irvine firm. They wouldn't get any dividends, and most of the $55 million expected to be raised would go to founders Brian and Sarah Chisick. "It's an unusual deal," said one local business consultant. But the Chisicks and chief financial officer Mark K.
BUSINESS
September 22, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
First Alliance Corp. has agreed to pay up to $550,000 to settle a consumer fraud complaint filed last year by the Minnesota attorney general, one of several pending lawsuits and investigations regarding the company's lending practices, officials said Tuesday. Irvine-based First Alliance will offer refunds to about 100 Minnesota borrowers, who were allegedly misled about what kind of loans they were receiving and how much they would pay in fees.
BUSINESS
December 3, 1998 | From Associated Press
Controversial Irvine lender First Alliance Mortgage Co. is facing more legal challenges in several states this week over fees charged for loans. Illinois authorities filed a lawsuit Tuesday that accused First Alliance of charging excessive fees to refinance loans. The suit alleged that First Alliance charged borrowers $12,000 to nearly $20,000 in fees, which in some cases amounted to more than 20% of the loan. About 50 victims in Illinois had been identified.
BUSINESS
November 24, 1998 | DARYL STRICKLAND, TIMES STAFF WRITER
Minnesota authorities Monday sued First Alliance Mortgage Co., accusing the controversial Irvine lender of overcharging customers thousands of dollars through hidden loan fees. First Alliance's employees rushed clients through mountains of paperwork and used other "fraudulent schemes" to avoid telling borrowers about costs that ran as high as 30% of the amount of the loan, said the state's attorney general, Hubert H. Humphrey III.
BUSINESS
May 7, 1998 | MYRON LEVIN, TIMES STAFF WRITER
The American Assn. of Retired Persons on Wednesday threw its weight behind a lawsuit charging a large Irvine-based mortgage firm with fraud and elder abuse for allegedly engaging in predatory lending practices. AARP lawyers said it was the first time the giant senior citizens organization had taken part in such a lawsuit, adding that the group is increasingly concerned about deceptive lending practices aimed at elderly borrowers. The target of the suit, First Alliance Mortgage Co.
BUSINESS
August 16, 1988 | AL DELUGACH, Times Staff Writer
The state's highly publicized redlining case against First Alliance Mortgage Co. hit an obstacle Monday when a Los Angeles Superior Court judge stalled a landmark enforcement action by the state Department of Corporations. Judge Robert M.
BUSINESS
October 9, 1998 | E. SCOTT RECKARD, TIMES STAFF WRITER
First Alliance Mortgage Co., an Irvine home-equity lender accused in the past of racial discrimination and defrauding the elderly, said Thursday that federal authorities and seven states are investigating its lending practices. The lender and its parent company, First Alliance Corp., were named in a letter from the Civil Rights Division of the U.S. Justice Department and the attorneys general of the states.
BUSINESS
August 11, 1988 | AL DELUGACH, Times Staff Writer
The state Wednesday sued to revoke the licenses of First Alliance Mortgage Co. for alleged racial discrimination in lending, charging that the firm used a list of ZIP codes entitled "Never Never Land" to screen out loan applicants in predominantly black neighborhoods.
BUSINESS
December 3, 1998 | From Associated Press
Controversial Irvine lender First Alliance Mortgage Co. is facing more legal challenges in several states this week over fees charged for loans. Illinois authorities filed a lawsuit Tuesday that accused First Alliance of charging excessive fees to refinance loans. The suit alleged that First Alliance charged borrowers $12,000 to nearly $20,000 in fees, which in some cases amounted to more than 20% of the loan. About 50 victims in Illinois had been identified.
BUSINESS
November 24, 1998 | DARYL STRICKLAND, TIMES STAFF WRITER
Minnesota authorities Monday sued First Alliance Mortgage Co., accusing the controversial Irvine lender of overcharging customers thousands of dollars through hidden loan fees. First Alliance's employees rushed clients through mountains of paperwork and used other "fraudulent schemes" to avoid telling borrowers about costs that ran as high as 30% of the amount of the loan, said the state's attorney general, Hubert H. Humphrey III.
BUSINESS
October 9, 1998 | E. SCOTT RECKARD, TIMES STAFF WRITER
First Alliance Mortgage Co., an Irvine home-equity lender accused in the past of racial discrimination and defrauding the elderly, said Thursday that federal authorities and seven states are investigating its lending practices. The lender and its parent company, First Alliance Corp., were named in a letter from the Civil Rights Division of the U.S. Justice Department and the attorneys general of the states.
BUSINESS
May 7, 1998 | MYRON LEVIN, TIMES STAFF WRITER
The American Assn. of Retired Persons on Wednesday threw its weight behind a lawsuit charging a large Irvine-based mortgage firm with fraud and elder abuse for allegedly engaging in predatory lending practices. AARP lawyers said it was the first time the giant senior citizens organization had taken part in such a lawsuit, adding that the group is increasingly concerned about deceptive lending practices aimed at elderly borrowers. The target of the suit, First Alliance Mortgage Co.
BUSINESS
June 27, 1997 | JAMES S. GRANELLI, TIMES STAFF WRITER
Mortgage lender First Alliance Corp. said Thursday that it has agreed to acquire Standard Pacific Savings, a nearly dormant thrift for the last two years, for up to $11 million in cash. The publicly held Irvine firm said it will rename the thrift First Alliance Bank and use it to issue credit cards and other financial services products.
BUSINESS
January 29, 2000
Irvine mortgage lender First Alliance Corp. said it lost $259,000, or 1 cent a share, for the fourth quarter, which included $2.2 million in nonrecurring charges. The company posted net income of $2.3 million, or 13 cents a share, for the corresponding period in 1998. Revenue was down 24% to $15.3 million. Despite the loss in the recent quarter because of the unusual charges, the overall operating results were in line with expectations, the company said.
BUSINESS
July 27, 1996 | MARLA DICKERSON, TIMES STAFF WRITER
Two Orange County companies took the plunge into a rough stock market Friday, floating initial public offerings with mixed results. First Alliance Corporation, an Irvine-based lender specializing in home mortgages for high-risk borrowers, raised $59.5 million with its sale of 3.5 million shares on the Nasdaq exchange. The stock closed its first day of trading at $18.63 after opening at $17 a share.
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