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Option One Mortgage Corp

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BUSINESS
January 1, 2008 | From Times Wire Services
Former H&R Block chief executive Mark Ernst, who oversaw the tax preparer's failed sub-prime lending strategy, will receive a cash severance of $2.55 million and full vesting on 762,925 stock options, the company disclosed. H&R Block had ousted Ernst as the No. 1 U.S. tax preparer suffered huge losses on sub-prime lending at its Option One Mortgage Corp. unit. New management then closed Option One. The move, plus cutting 620 jobs, will trigger about $200 million in charges and write-downs, the company has said.
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BUSINESS
January 1, 2008 | From Times Wire Services
Former H&R Block chief executive Mark Ernst, who oversaw the tax preparer's failed sub-prime lending strategy, will receive a cash severance of $2.55 million and full vesting on 762,925 stock options, the company disclosed. H&R Block had ousted Ernst as the No. 1 U.S. tax preparer suffered huge losses on sub-prime lending at its Option One Mortgage Corp. unit. New management then closed Option One. The move, plus cutting 620 jobs, will trigger about $200 million in charges and write-downs, the company has said.
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BUSINESS
April 17, 1997 | Melinda Fulmer
Tax giant H&R Block Inc. said it will acquire Option One Mortgage Corp. for $190 million in cash to bolster its fledgling financial services business. Option One, which made $1.1 billion in loans through 41 locations nationwide last year, is owned by banking giant Fleet Financial Group Inc., which bought the company two years ago. Fleet Financial, based in Providence, R.I., announced in December that it planned to sell the sub-prime mortgage lender. Anderson said Kansas City, Mo.
BUSINESS
August 31, 2007 | From Times Wire Services
H&R Block Inc. said Thursday that the sale of its Option One Mortgage Corp. sub-prime lending unit might fall apart because of deteriorating credit markets and a quarterly loss that more than doubled. The largest U.S. tax preparer said that Option One planned to stop offering sub-prime home loans and that private equity firm Cerberus Capital Management might buy just the loan servicing business, after agreeing in April to buy the entire unit. H&R Block, based in Kansas City, Mo.
BUSINESS
November 7, 2006 | E. Scott Reckard, Times Staff Writer
H&R Block Inc. said Monday that it was "evaluating strategic alternatives" including a sale for its Irvine-based Option One Mortgage Corp., which has turned unprofitable amid intense competition in its shrinking business -- higher-cost "sub-prime" mortgages to borrowers considered risky because of low credit scores or insufficient income or home equity. H&R Block, the Kansas City, Mo.
BUSINESS
August 31, 2007 | From Times Wire Services
H&R Block Inc. said Thursday that the sale of its Option One Mortgage Corp. sub-prime lending unit might fall apart because of deteriorating credit markets and a quarterly loss that more than doubled. The largest U.S. tax preparer said that Option One planned to stop offering sub-prime home loans and that private equity firm Cerberus Capital Management might buy just the loan servicing business, after agreeing in April to buy the entire unit. H&R Block, based in Kansas City, Mo.
BUSINESS
January 15, 1993 | Ted Johnson / Special to the Times
Sure, home prices are falling, and interest rates are low. But with economic times tough, plenty of families still lack the means to make a down payment. Now that overlooked class of potential homeowners is becoming a market segment. Plaza Home Mortgage Corp., a regional lender based in Santa Ana, has announced plans to start a new unit targeting financially pinched home seekers who do not fit the underwriting guidelines for the typical mortgage buyer. Option One Mortgage Corp.
BUSINESS
April 17, 1997 | MELINDA FULMER, SPECIAL TO THE TIMES
Tax giant H&R Block Inc., moving to bolster its fledgling financial services business, said Wednesday it has acquired high-risk mortgage lender Option One Mortgage Corp. in Santa Ana for $190 million in cash. Option One, which made $1.1 billion in loans through 41 locations nationwide last year, is owned by Fleet Financial Group Inc., which bought the Santa Ana company just two years ago. Fleet Financial, based in Providence, R.I.
BUSINESS
August 26, 2006 | E. Scott Reckard, Time Staff Writer
Investors bailed out of stocks of mortgage companies catering to high-risk borrowers Friday, a day after an Irvine lender reported higher default rates. Some analysts say the selling wave could foreshadow more trouble for the industry. H&R Block Inc., parent of Option One Mortgage Corp. in Irvine, said late Thursday that it would take a $102-million charge when it reports earnings next week.
BUSINESS
July 9, 2002 | A Times Staff Writer
Option One Mortgage will expand to other buildings in Irvine Spectrum in September in a $32-million lease transaction with landlord Irvine Co. The 250,000-square-foot lease is believed to be the largest in Orange County this year, said broker Steven Pisarik of Colliers Seeley, who represented the tenant. Option One will expand from Lakeview Business Center into four buildings on Irvine Center Drive.
BUSINESS
April 21, 2007 | Roger Vincent, Times Staff Writer
H&R Block Inc. said Friday that it would sell Option One Mortgage Corp., its troubled Irvine-based sub-prime lending unit, to private equity firm Cerberus Capital Management. Shares of Kansas City, Mo.-based H&R Block, best known for its tax preparation business, rose 73 cents to $22.56. The sale amount is still to be determined, but analysts estimated that the final amount would be perhaps 40% less than H&R Block had originally hoped.
BUSINESS
August 26, 2006 | E. Scott Reckard, Time Staff Writer
Investors bailed out of stocks of mortgage companies catering to high-risk borrowers Friday, a day after an Irvine lender reported higher default rates. Some analysts say the selling wave could foreshadow more trouble for the industry. H&R Block Inc., parent of Option One Mortgage Corp. in Irvine, said late Thursday that it would take a $102-million charge when it reports earnings next week.
BUSINESS
July 9, 2002 | A Times Staff Writer
Option One Mortgage will expand to other buildings in Irvine Spectrum in September in a $32-million lease transaction with landlord Irvine Co. The 250,000-square-foot lease is believed to be the largest in Orange County this year, said broker Steven Pisarik of Colliers Seeley, who represented the tenant. Option One will expand from Lakeview Business Center into four buildings on Irvine Center Drive.
BUSINESS
July 23, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
H&R Block Inc. says it is looking to sell its Irvine-based wholesale mortgage unit, Option One, in an effort to focus on its retail businesses. Founded in 1992, Option One specializes in mortgages to customers with bad credit, originating about $3.6 billion in loans over the last year. That makes the company--which employs 1,500 people nationwide, including 600 in Orange County--slightly larger than Orange-based rival Long Beach Financial Corp.
BUSINESS
April 17, 1997 | MELINDA FULMER, SPECIAL TO THE TIMES
Tax giant H&R Block Inc., moving to bolster its fledgling financial services business, said Wednesday it has acquired high-risk mortgage lender Option One Mortgage Corp. in Santa Ana for $190 million in cash. Option One, which made $1.1 billion in loans through 41 locations nationwide last year, is owned by Fleet Financial Group Inc., which bought the Santa Ana company just two years ago. Fleet Financial, based in Providence, R.I.
BUSINESS
January 15, 1993 | Ted Johnson / Special to the Times
Sure, home prices are falling, and interest rates are low. But with economic times tough, plenty of families still lack the means to make a down payment. Now that overlooked class of potential homeowners is becoming a market segment. Plaza Home Mortgage Corp., a regional lender based in Santa Ana, has announced plans to start a new unit targeting financially pinched home seekers who do not fit the underwriting guidelines for the typical mortgage buyer. Option One Mortgage Corp.
BUSINESS
July 23, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
H&R Block Inc. says it is looking to sell its Irvine-based wholesale mortgage unit, Option One, in an effort to focus on its retail businesses. Founded in 1992, Option One specializes in mortgages to customers with bad credit, originating about $3.6 billion in loans over the last year. That makes the company--which employs 1,500 people nationwide, including 600 in Orange County--slightly larger than Orange-based rival Long Beach Financial Corp.
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