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Finance Woes Overwhelm FiNet.com

Finance Woes Overwhelm FiNet.com

Parent of Monument files for Bankruptcy

June 2, 2003

By MortgageDaily.com staff

A financial services company filed for bankruptcy this week, along with its wholly owned subsidiary mortgage bank.

FiNet.com and Monument Mortgage, Inc. both filed for Chapter 11 bankruptcy protection Wednesday in the United States Bankruptcy Court for the Northern District of California. Legal counsel for the companies say they expect to have the cases jointly administered.

According to FiNet’s website, the San Francisco-based company incorporated in 1989 and shortly thereafter began to focus on mortgage brokering. In addition to Monumental Mortgage, the company acquired other mortgage industry companies, including subprime banker Coastal Federal Mortgage Company, online mortgage firm Lowestrate.com, and Mical Mortgage, according to company literature.

In the press release, the company announced the appointment of Harry R. Kraatz as Chief Executive Officer and Chairman of the Board of Directors. Prior to this appointment, Kraatz has been serving as the company’s Chief Restructuring Officer.

The law firm of Manasian & Rougeau will represent the companies in their bankruptcy proceedings, the statement said.

Chapter 11 bankruptcy allows for reorganization of debt and assets.

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