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$70.9 Million Mfg Housing Portfolio Trading Hands

Vanderbilt Mortgage buying loans from Fleetwood

July 9, 2005

By MortgageDaily.com staff

Fleetwood Enterprises Inc. has found a buyer for its manufactured housing portfolio and expects to finalize the sale of its retail financing unit soon.

The Riverside, Calif.-based company said Thursday that it has entered into a non-binding letter of intent with Vanderbilt Mortgage and Finance Inc. to sell its retail loan portfolio.

The transaction calls for Fleetwood subsidiary HomeOne Credit Corp. to sell the portfolio to Vanderbilt. Fleetwood expects that the portfolio will sell at a slight discount to its carrying value, which was $70.9 million as of April 24, 2005.

The deal is anticipated to close during the first quarter of fiscal 2006.

Upon completion of the portfolio sale, Fleetwood will pay off its warehouse line of cre