Subprime lender People's Choice Financial Corp. is undergoing an audit in preparation for an initial public offering, a spokesman for the company has told MortgageWire.Based in Irvine, Calif., People's Choice is a top-40-ranked subprime funder founded in 1999 by Neil Kornswiet, a former top executive at Aames Financial, Los Angeles. The spokesman said PCFC is "working toward" an IPO, but could not say when the company might file an S-11 form with the Securities and Exchange Commission. In November the lender laid off 100 workers in an effort to cut costs and consolidate operations. In mid-December company executive vice president Reyes Topete retired, agreeing to stay on as a consultant. The company can be found online at http://www.pchl.com.

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