Monument Mortgage, Inc. has substantially reduced its operations as two board members have resigned.
Parent company FiNet.com, Inc. made the disclosure in a FORM 8-K filing with the Securities and Exchange Commission today.
The Board of Directors is evaluating new courses of action, the company said. "All necessary steps are being taken to preserve the assets of the Company."
It was also announced that S. Lewis Meyer, Chairman of the Board, and another director resigned as of March 3rd.
The company announced it would restructure in May 2001 by reducing its dependence on the wholesale mortgage banking business. The departure of its CFO at the time was quickly followed by the resignation of its CEO, Rick Cossano.