IMC Mortgage Company was a consumer finance company engaged in purchasing, originating, servicing and selling home equity loans secured by first liens on one- to four-family properties. The Company focused on lending to individuals whose borrowing needs were not being served by traditional financial institutions due to such individuals' impaired credit profiles and other factors. Loan proceeds typically were used by such individuals to consolidate debt, to refinance debt, to finance home improvements, to pay educational expenses and for a variety of other uses. By focusing on individuals with impaired credit profiles and by providing prompt responses to their borrowing requests, the Company was able to charge higher interest rates for its loan products than typically were charged by conventional mortgage lenders. On November 15, 1999, the Company sold to CitiFinancial Mortgage (CFM) its mortgage loan servicing business and substantially all of its mortgage loan origination business.