First Fidelity Financial - Wholesale

Reports came in that First Fidelity Financial of Aliso Viejo, CA closed their doors on December 12, 2007. Although the Orange County Register reports only 5 jobs lost, our people say there were 15 operations people (at one time) and 7 to 8 outside AE's.

In business for about 5 years, licensed in 5 Western States, their product mix consisted of A paper down to subprime. From information we received it appears they operated on warehouse lines from Impac, and Citigroup's First Collateral Services. We don't know details, but rumor is a major warehouse line was froze or not renewed. More information would be helpful to determine if this was true.

The outside sales group has stuck together under former VP of Sales Jim Creamer and we understand they moved over to another lender in Newport Beach, CA. taking a pipeline of $23 million dollars with them. Finally... a success story.