twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Accredited Parent Acquires $9.3 Billion in Loans

CIT selling assets, servicing to Lone Star

July 1, 2008

By staff

The parent of Accredited Home Lenders Inc. and the world's richest man are diving deeper into non-conforming mortgage lending.

Lone Star Funds has agreed to acquire $9.3 billion in home lending assets and related servicing operations from CIT Group Inc., CIT announced today.

Lone Star will reportedly pay $1.5 billion in cash and assume $4.4 billion in outstanding debt and other related liabilities.

The deal includes servicing centers in Marlton, N.J., and Oklahoma City. Approximately 300 people are employed at the two servicing centers.

Lone Star is the parent of LSF5 Accredited Investments LLC, which in turn is the parent of Accredited Home Lenders Inc. and Accredited Home Lenders Holding Co.

Last month, Accredited -- one of the few remaining subprime lenders -- restructured its operations. That move resulted in the closing of operations centers in Orange, Calif.; Beaverton, Ore.; St. Petersburg, Fla.; and Woodcliff Lake, N.J.

Two days later, the San Diego company announced former Bear Stearns Residential Mortgage Corp. chief executive officer Jeff Walton would take over as CEO of Accredited.

CIT reported in August 2007 it would exit its home lending origination operations, resulting in 550 layoffs at 25 U.S. offices.

Today's press release also indicated CIT agreed to sell its manufactured housing portfolio of approximately $470 million to Vanderbilt Mortgage and Finance Inc.

Vanderbilt is a subsidiary of Clayton Homes Inc., which is owned by Berkshire Hathaway -- the company run by legendary billionaire Warren Buffet. In March, Buffet was ranked the world's richest man by Forbes.

A year ago, CIT said its managed residential portfolio was $11.9 billion, with 6.60 percent of the loans delinquent at least 60 days.

While the sale of the portfolios are expected to net CIT $1.8 billion in cash, the New York-based company said it will record a second-quarter pre-tax loss of $2.5 billion for its home lending segment.

Both portfolio sales are expected to be completed this month, while the servicing platform sale is expected to close early next year.

"These sales complete our exit from all home lending businesses, removing the uncertainty surrounding this asset class, and advances our strategic transformation into a company focused entirely on commercial finance," CIT Chairman and CEO Jeffrey M. Peek said in the statement.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders