Lomas Mortgage USA reached a final agreement last week to sell its assets to First Nationwide Mortgage Corp. All other potential bidders have dropped out of the running.
The price tag for the once-mighty Lomas was increased from $150 million to $157.75 million.
Unlike the first agreement between the two companies, the final agreement does not include Lomas' insurance subsidiaries. The deal allows the insurance companies to solicit business for three years from homeowners with loans in the servicing portfolio. The deal is scheduled to close Jan. 31.
After suffering losses in the depressed Texas real estate market, filed for bankruptcy protection in 1989, and emerged a much smaller company in 1992. It lost money during the refinance boom of 1992 and 1993, finally putting itself up for sale in March 1994. It filed for bankruptcy again last October.