HOME MORTGAGE LENDER SETTLES CHARGES

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Settlement Could Mean As Much As $60 Million in Consumer Redress

If you obtained a home mortgage loan from First Alliance Mortgage Company between January 1, 1992 and March 23, 2000, and did not settle with the company, you may be eligible to collect money as part of a proposed Class Action Settlement between First Alliance and its affiliates, officers and certain employees and the Federal Trade Commission, the States of Arizona, California, Florida, Illinois, Massachusetts, and New York, AARP, and various individual borrowers.

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For information about the Proposed Settlement, consumers may call toll-free:
1-877-862-0886.

Settlement and Bankruptcy Plan

FTC v. First Alliance Mortgage Company, et al. (Central District of California)

 
 
  • Notice of Proposed Class Action Settlement and Settlement Hearing
  
[PDF] 733K
  • Order Advancing Final Settlement Hearing
  
[PDF] 98K
  • Final Judgment and Order Approving Class Action Settlement and Dismissing Claims Against Settling Defendants
 
[PDF] 6.3M
  • Order Approving the Federal Trade Commission's Redress Plan
  
[PDF] 630K
  • Order Approving Award of Attorneys' Fees and Expenses
  
[PDF] 387K
  • Proposed Settlement Agreement (Stipulation of Settlement)
  
    • Part 1
  
[PDF] 798K
    • Part 2
  
[PDF] 1.3M
  • Order Approving Disclosure Statement
  
[PDF] 512K
  • Disclosure Statement re: Bankruptcy Plan
  
[PDF] 9.93M
  • Notice of Hearing on Bankruptcy Plan
  
[PDF] 563K
  • Bankruptcy Plan
  
[PDF] 6.03M
  • FTC, States and AARP Recommendation on Voting to Accept Bankruptcy Plan
  

[PDF] 134K
  • Order Preliminarily Approving Stipulated Final Judgment, Permanent Injunction, and Monetary Settlement
  
[PDF] 1.36M
  • Permanent Injunction and Order by Stipulation Between the Plaintiffs, the People of the States of Arizona, California, Florida, and Illinois, The Commonwealth of Massachusetts and the New York State Banking Department, and the Defendants, Brian Chisick and Sarah Chisick
  
[PDF] 997K
  • Permanent Injunction and Order by Stipulation Between the Plaintiffs, the People of the States of Arizona, California, Florida, and Illinois, The Commonwealth of Massachusetts and the New York State Banking Department, and the Defendants, Jeffrey Smith, Patty Sullivan, and Salah Bastawy
  
[PDF] 1.2M
  • Second Amended Complaint for Permanent Injunctive Relief and Other Equitable Relief
 
[PDF] 420K

Consumer Information
Not all loans or lenders are created equal.  For example, certain home mortgage lenders target homeowners who have low incomes or credit problems or who are elderly – and then take advantage of them by using deceptive practices.

If you’re thinking about a home mortgage loan, the FTC offers these publications to help you make a wise purchasing decision.

  • Home Equity Credit Lines
[PDF]
  • Home Equity Loans: The Three-Day Cancellation Rule
[PDF]
  • Home Equity Loans: Borrowers Beware!
[PDF]
  • Looking for the Best Mortgage?
[PDF]
  • Mortgage Discrimination
[PDF]
  • Need a Loan? Think Twice About Using Your Home as Collateral
[PDF]
  • Shopping for a Home Equity Loan?
[PDF]

En Espanol

  • ¿Buscando la Hipoteca Más Favorable?
    Looking for the Best Mortgage?
-
  • ¿Necesita un Préstamo? Piénselo Dos Veces Antes de Utilizar su Casa como Colateral
    Need a Loan? Think Twice About Using Your Home as Collateral
-
  • Préstamos con Garantía Hipotecaria: ¡Atención Prestatarios!
    Home Equity Loans: Borrowers Beware!
[PDF]

Last Modified: Friday, 09-Jan-2009 10:03:00 EST