Word: firstplus
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...unable to navigate the economy's rapid crosscurrents. Even as defaults eroded profits, the booming economy has allowed some sub-prime borrowers to pay off their loans ahead of schedule. That has reduced income and ruined profit projections in many parts of the industry. Notes Daniel Phillips, chairman of FirstPlus Financial, a Dallas sub-prime lender: "No matter how conservative a lender's assumptions are, no crystal ball allows him to see what may happen...
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