Vegas firm emerges from conservatorship

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Wednesday, Aug. 13, 2003 | 11 a.m.

Global Express Capital Mortgage completed its 60-day conservatorship on Monday, the Nevada Attorney General's Office said.

The Las Vegas company has received an infusion of capital to correct its insolvency and filed a plan of corrective action with the state Financial Institutions Division, said Mark Krueger, deputy attorney general.

Global was placed in conservatorship in June by the FID. The agency had accused Global of violations related to a portfolio of 144 loans totaling about $58 million, including the placement of investors in loans that "substantially exceeded the appraised value of the collateral held."