June 21, 1996 |
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.
December 3, 1998 |
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.
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.