October 16, 1998 |
After failing to find a buyer, beleaguered home equity lender FirstPlus Financial Group said Thursday that it will sell off several affiliates, fire 3,000 people and close a major marketing center in Orange County. The Dallas-based company, one of several "subprime" lenders felled by the global credit crunch and disarray in the mortgage market, said it will move its direct-marketing operations from Mission Viejo to Dallas as part of the consolidation.
November 4, 1998 |
Home equity lender FirstPlus Financial Group Inc. said Tuesday that third-quarter earnings plunged 70%. The company also told investors and analysts in a conference call that it faces hurdles before it can close an agreement to sell off key portions of its business to Coast-to-Coast Financial Corp.--a sale that's essential to its survival. "If the Coast-to-Coast deal, which is dependent on financing, isn't completed, they're going to be out of business," said Michael Abrahams at Sutro & Co.
November 20, 1998 |
FirstPlus Financial, which closed its home mortgage affiliate in Mission Viejo last month and folded the unit into the parent company in Dallas, has been sued by a pair of vendors who contend they are owed nearly $750,000. Entex Information Services Inc. of Massachusetts, a supplier of computer networking equipment, was not paid for $381,139 in high-tech goods that it provided from May through September, according to a lawsuit filed in Orange County Superior Court.
March 23, 1999 |
Ending months of speculation about its future, mortgage lending giant DiTech Funding Corp. of Irvine said Monday that it agreed to be acquired by GMAC Mortgage Corp., a unit of General Motors Corp. Terms were not disclosed. DiTech, one of the Southland's largest mortgage lenders and an aggressive marketer of higher-risk home equity loans, shelved plans for an initial public stock offering last fall that it had hoped would raise about $110 million for a minority stake in the company.
March 13, 1998
* Life Financial Corp., a sub-prime mortgage and home equity lender based in Riverside, has agreed to be acquired by FirstPlus Financial Group Inc. of Dallas for about $138 million in stock. * CALPERS, California's large public pension fund, said it will vote against Marriott International Inc.'s plan to combine its food-service business with France's Sodexho Alliance, because the fund opposes anti-takeover defenses tied to the merger. * Williams-Sonoma Inc.
August 29, 1997 |
A fast-growing Dallas finance company said Thursday that it has completed its acquisition of Citizens Thrift & Loan and Citizens' parent company in a stock swap valued at $29.6 million. FirstPlus Financial Group Inc. said it expects the loans and other assets of the Tustin thrift and loan to grow from $125 million to $300 million during the next 12 months. FirstPlus is retaining all employees and adding more, said Eric C. Green, the company's chief financial officer.