FIRSTPLUS Financial Completes $800,000,000 Asset-Backed Securitization

Business Wire, Sept 23, 1997

DALLAS--(BUSINESS WIRE)--September 23, 1997 -- FIRSTPLUS Financial Group, Inc. (Nasdaq: FPFG) today announced that it has completed the issuance of $800 million in asset-backed notes and certificates. The securities, which are backed by high loan-to-value home equity loans, were issued by FIRSTPLUS Home Loan Owner Trust 1997-3. This is the Company s thirteenth offering, underwritten by a syndicate led by Bear Stearns & Co., Inc., and co-managed by Banc One Capital Corp., Merrill Lynch & Co., Inc., and PaineWebber, Inc.

The offering utilized a senior/subordinated structure and consisted of 10 classes of notes and one certificate class. It was the Company s second public offering of asset-backed securities without a monoline insurance policy. The securities were rated by Standard & Poor s Rating Services and Fitch Investors Service, L.P. The securitization s publicly offered classes, associated average lives and yield spreads with respect to one-month LIBOR for the A-1 Notes and the related U. S. Treasury Bonds for the remaining notes and certificates, are as follows: ,000,00 AAA 2.00 0.5000% A-3 Notes $83,220,000.00 AAA 3.00 0.5100% A-4 Notes $70,500,000.00 AAA 4.00 0.6000% A-5 Notes $47,090,000.00 AAA 5.00 company that, through its subsidiaries, orig inates, purchases,

services and securitizes consumer finance requartered in Dallas, has regional

CONTACT: FIRSTPLUS Financial Group, Inc.

Daniel T. Phillips, Eric C. Green,

Ron Conner, 214/599-6300

or

Morgen-Walke Associates

Michelle Katz, Geoffrey Buscher, Jason Langer

Press: Brian Maddox,Estelle Bieber, 212/850-5600