November 24, 1998 |
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.
May 7, 1998 |
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.
August 16, 1988 |
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.
October 9, 1998 |
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.
August 11, 1988 |
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.
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.