The debacle associated with collapsed high-loan-to-value lender FirstPlus Financial Inc. could move one step closer to resolution, pending the sale of its servicing businesses, set to close within 90 days, said market sources.

In the heyday of high-LTV, FirstPlus was the industry's biggest name, originating nearly $1 billion each quarter, according to published reports. However, during the liquidity plunge late in 1998, the bottom dropped out, and FirstPlus filed for Chapter 11 last March.

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