Altiva Financial Corporation was a specialized consumer finance company that funded, purchased, made and sold consumer loans secured by deeds of trust on single-family residences. Historically, the Company retained the right to service a substantial portion of the loans it sold. The Company's borrowers generally do not qualify for traditional "A" credit mortgage loans. Typically, their credit histories, income or other factors do not conform to the lending criteria of government-chartered agencies that traditional lenders rely on in evaluating whether to make loans to potential borrowers. On April 19, 2000, the Company announced that it had ceased the origination of loans and had reduced its staff by 90% in both its Atlanta, Georgia, location and in that of its Charlotte, North Carolina-based subsidiary, The Money Centre. The Company reported at that time that it was pursuing an orderly winding up of its business activities and seeking an arrangement with its creditors.
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