September 6, 1996 |
The Justice Department, delving for the first time into the private mortgage industry's fair-lending practices, won a $4-million settlement Thursday from an Orange County company accused in a lawsuit of overcharging minority, female and elderly customers. Long Beach Mortgage Co., based in Orange, agreed to pay $3 million to up to 1,200 customers--mostly in Los Angeles and Alameda counties--and to spend an additional $1 million to educate consumers on how to shop for the most advantageous loans.
January 28, 1998
Long Beach Financial Corp.: The Orange-based holding company for Long Beach Mortgage Co. reported that fourth quarter net income grew to $7.3 million, or 28 cents a share, from $1.9 million, for the corresponding period last year. The company's initial public offering was May 2, 1997. For the year, net income rose to $24.6 million, or 94 cents a share, from $9.4 million for 1996.
April 29, 1999
The Orange-based parent of Long Beach Mortgage Co. said net earnings reached a record $6.5 million, or 28 cents a share, for the first quarter, a gain of 20% from $5.4 million, or 21 cents a share, for the first quarter of 1998. Total assets rose 8% to $356.1 million from $328.6 million.
May 17, 1997 |
Underwriters of Long Beach Financial Corp.'s initial public offering exercised an option to acquire nearly 2.5 million shares--all the remaining stock held by the company's sole shareholder--for $6.50 each. In a press release Friday, the company said the purchase brings the total number of shares sold in the offering to 25 million, or all its outstanding stock. The company, through its Long Beach Mortgage Co. subsidiary, buys and sells sub-prime residential mortgage loans.