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BRIEFCASE STATE ORDERS FIRM TO OBEY ALL LAWS.

Byline: - Staff and Wire Reports

GLENDALE - The state ordered a New York-based mortgage lender with a branch in Glendale to cease ``engaging in unsafe and injurious practices'' and to stop violating a California mortgage lending law, officials said Friday.

The Department of Corporations reported taking the action against Brooklyn-based Olympia Mortgage Corp.

The state of New York suspended the firm's mortgage banker license for 30 days, effective Oct. 28, for diverting mortgage payments and proceeds on at least 270 loans totaling $35 million. That opened the legal door to California.

The California Residential Mortgage Lending Act authorizes the Department of Corporations to take action against the licensee in California, officials said.

Besides ordering the company to stop violating California law, the Corporations Department ordered Olympia Mortgage to establish immediately separate trust accounts for California borrowers.

Business center for serve women

SANTA CLARITA - The Valley Economic Development Center announced Friday that it will open a Women's Business Center, seeking to bring consulting and lending services to female entrepreneurs.

Funded with a five-year, $750,000 grant from the U.S. Small Business Administration, the center will open Monday and begin holding workshops on marketing, financing and business planning Nov. 30. Sponsored by the Van Nuys-based VEDC, the center will operate from the Santa Clarita Valley Worksource Center at 21515 Soledad Canyon Road, Suite 121, and serve the Santa Clarita, Antelope and San Fernando valleys.

Witness: No cause for Ovitz dismissal

GEORGETOWN, Del. - The Walt Disney Co.'s board of directors had no reason to fire Michael Ovitz, Disney's ex-president, ``for cause'' and thus granted him a nonfault termination when he left the company in December 1996, a former director testified in a high-profile shareholder lawsuit here Friday.

In his third day on the stand, Irwin Russell said Sanford M. Litvack, the entertainment giant's chief of corporate operations, advised the board in January 1997 that Ovitz couldn't have been fired for cause under the definition in his contract. The employment agreement only allowed Ovitz to be fired for cause if he committed gross negligence or malfeasance.

Verizon expanding cellular capacity

NEW YORK - Verizon Wireless is buying cellular capacity for 23 markets from bankrupt NextWave Telecom Inc. for $3 billion, ending the government's long tug-of-war over the never-used licenses and bolstering Verizon against a big new rival created by the merger of Cingular Wireless and AT&T Wireless.

The deal announced Friday gives Verizon Wireless big chunks of additional capacity to handle a growing subscriber base in key markets where it already has its own network, including Los Angeles, New York City, Boston and Washington.
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Date:Nov 6, 2004
Words:431
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