FirstPlus Financial Group Inc. said it has hired a servicing director to handle its current portfolio and manage a new line.

Former Household International employee John Griggs will be named division president, servicing. He will be responsible for FirstPlus's $6 billion portfolio of high loan-to-value loans.

He will also be responsible for a line of home equity products that the company plans to originate this year.

Mr. Griggs has 24 years of experience, including more than 12 years with Citicorp and almost 10 years with Household, where he helped design the company's servicing platform.

FirstPlus also said it has issued $468 million in asset-backed securities, backed by high loan-to-value loans.

The issue was underwritten by PaineWebber Inc. and co-managed by Bear, Stearns & Co., Deutsche Morgan Grenfell, and Merrill Lynch & Co.

- Heather Timmons

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.