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John Paul Reddam
Affiliated Licensed Corporations (from Present to Past)
  • Relantis Corp (formerly relantis.com).
  • DiTech Real Estate Corp (formerly Wholesale Real Estate Corp)
  • DiTech Funding Corp
  • Listing For Less Real Estate
  • World Wide Credit Corp (formerly Newport Escape Financial Corp)
  • SC Funding Corp (formerly E-Z Mortgage Corp)
Brief Business History
  • 1988 - Establishes SC Funding Corp.
  • 1996 - California revokes SC Funding Corp license. **
  • 1995 - Establishes DiTech Funding Corp.
  • 1998 - Announces plans to launch IPO to raise $110.4 million.(LA Times)
  • 1999 - Cancels IPO plans. Sells DiTech Funding to GMAC Mortgage Corp in March. Stays on as CEO.(Looksmart)
  • 1999 - Voluntarily resigns in May as CEO when 3 top managers charged with extortion.(LA Times)
  • 2000 - Sues GMAC Mortgage Corp.(LA Times)

** SC Funding Corp's license to operate was revoked on 3/6/97 for the following violations of the State of California Business & Professions Code :
  • Sec 10176i
  • Sec 10177
  • Sec 10145A
  • Sec 10165
  • Sec 10162
  • Sec 10148A
The Regulators/Law
  • July, 1995. SC Funding Corp license revoked in Virginia.
  • June, 1996. SC Funding Corp license revoked in California
  • Mar., 2000. SC Funding settles six-figure mortgage dispute (read this!)
  • Nov., 1997. DiTech Funding accused of breaking state law by over charging customers interest. (Looksmart)
  • Aug., 1998. DiTech Funding offers to pay $ 250,000 for alleged overbilling (LA Times)
  • Dec., 1997. Injunction filed against DiTech Funding by Santa Clara County D.A. for misleading consumers in its ads.(SV/SJ Business Journal)
  • The People of the State -vs- DiTech Funding" Case # 1-97-CV-77098 continues in Santa Clara County Superior Court.
  • May, 1999. Resigns DiTech Funding after 3 top managers indicted for extortion (LA Times)
  • Aug., 2000. J. Paul Reddam sues GMAC for $ 200 million (LA Times) Eventually wins substantial settlement (HBD)
  • Jan., 2001. 3 ex-employees sue DiTech Funding. Covers period 02/97 to 03/99 (LA Times)
  • July, 2002. $ 3.5 million class action settlement reached with ex-employees.
Other Interesting Articles
J. Paul Reddam's Passions (search using any engine)
  • Harness Racing
  • Thoroughbred Racing

In our searches, (type in "DiTech" or "Newport"), we have discovered an interesting phenomena and have concluded the following: either (a) there is, or was, a serious shortage of office space in southern California, or, (b) there is, or was, a serious secretarial shortage. Here is what we mean:

4 Park Plaza, Ste 1200
Irvine, CA. 92714
  • - SC Funding Corp
  • - DiTech Funding Corp
  • - Listing For Less Real Estate
16355 Laguna Canyon Rd
Irvine, CA. 92618-3801
  • - Relantis Corp
  • - DiTech Escrow Corporation
3200 Park Center Dr. Ste 150
Costa Mesa, CA. 92626
  • - J. Paul Reddam
  • - DiTech Real Estate Corp
4400 Macarthur Blvd, 9th Flr
Newport Beach, CA. 92714
  • - Newport Pacific Funding Corp (C1328666)
  • - Newport Pacific Realty and Investment Corp
  • - Newport Pacific Flooring Corp
  • - Newport Pacific Architecture Corp
  • - Newport Pacific Construction Corp
  • - Newport Pacific Equity Corp
  • - Newport Pacific Appraisal Corp
  • - Newport Pacific Development Corp
  • - Newport Pacific Escrow Corp
  • - Newport Pacific Asset Investment Corp
  • - Newport Pacific Real Estate Corp
  • - Newport Pacific Asset Management Corp

The "Newport Pacific" stable of corporations was created by Magdy Hanna, referred to in the LA Times as "a onetime Anaheim political power broker." His empire, created over a 10 year period, came to an end on July 18, 1995 when Newport Pacific Funding Corp closed its door leaving investors stranded.

Why is Mr. Hanna of interest? Because in 1988, he is listed as the "Agent for Service of Process" on SC Funding Corp's License application (C1438184) and his address is listed as 4 Park Plaza, Ste 1200, Irvine CA 92714.

And, on 9/22/1993, he created "Newport Pacific Mortgage Acceptance Corp" (C1866453) listing it's address as 4 Park Plaza, Ste 1200, Irvine Ca 92714.  Magdy Hanna lists himself as the "Agent for Service of Process" and gives his address as 4 Park Plaza, Ste 1200, Irvine CA 92714.