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Long Beach Mortgage Co

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BUSINESS
February 20, 1997 | MELINDA FULMER, SPECIAL TO THE TIMES
Long Beach Mortgage Co. plans to spin off its wholesale mortgage lending division into a separate public company. The Orange-based company, which makes and sells high-risk loans, plans to sell 21.75 million shares in a public offering, according to papers filed Wednesday with the Securities and Exchange Commission. It expects shares to sell for $10 to $12. A new company, Long Beach Financial Corp.
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BUSINESS
February 20, 1997 | MELINDA FULMER, SPECIAL TO THE TIMES
Long Beach Mortgage Co. plans to spin off its wholesale mortgage lending division into a separate public company. The Orange-based company, which makes and sells high-risk loans, plans to sell 21.75 million shares in a public offering, according to papers filed Wednesday with the Securities and Exchange Commission. It expects shares to sell for $10 to $12. A new company, Long Beach Financial Corp.
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NEWS
September 6, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
The U.S. Justice Department, delving for the first time into the private mortgage industry's 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 as many as 1,200 customers and to spend an additional $1 million to educate consumers on how to shop for the most advantageous loans.
BUSINESS
September 6, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
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.
BUSINESS
September 6, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
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.
BUSINESS
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.
BUSINESS
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.
BUSINESS
September 28, 2000
* Los Angeles-based CB Richard Ellis Services Inc., the largest U.S. commercial property broker, named James Leonetti as chief financial officer. The CFO position has been vacant since John Haeckel resigned in February, and the company's shares have fallen 22% in the past 12 months. Leonetti was previously CFO at finance firm Long Beach Mortgage Co., CB Richard said in a press release.
BUSINESS
May 17, 1997 | Dow Jones
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.
NEWS
September 6, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
The U.S. Justice Department, delving for the first time into the private mortgage industry's 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 as many as 1,200 customers and to spend an additional $1 million to educate consumers on how to shop for the most advantageous loans.
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