AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Centerbridge Will Buy Green Tree.
ST. PAUL, MN -- Green Tree Servicing, the nation's largest manager of manufactured housing loans, will be acquired by one private equity firm from another in a deal reached last month.
An investor group led by Centerbridge Partners, along with existing management, will buy 100% of the company's equity from funds managed by affiliates of Fortress Investment Group and from affiliates of Cerberus Capital Management.
Until now, Cerberus has been largely a buyer in the nonprime mortgage finance world, taking advantage of depressed valuations to acquire a stake in GMAC Financial and Aegis Mortgage, among others.
Green Tree Servicing and Centerbridge said the new ownership will allow Green Tree to grow its loan servicing volume and buy new portfolios. Green Tree will use its current platform to continue to develop new business initiatives while expanding and diversifying current operations, the companies said in a joint news release. Green Tree was acquired by Conseco Finance in 1998 for $6 billion, a price that was later criticized as too high by many financial commentators. Conseco filed for bankruptcy in 2002.
Terms of the Centerbridge transaction were not disclosed.
Keith Anderson, chief operating officer of Green Tree Servicing, said the investment is good news for his organization.
"The new ownership group will provide capital resources, market expertise and strong strategic alliances that will enable us to focus on near-term growth ...
- Green Tree Servicing Agrees to Be Acquired by Investor Group Led by...
- Press release article from: Business Wire June 27, 2007 700+ words
SAINT PAUL, Minn. -- Green Tree Servicing ("Green Tree"), a specialty consumer finance company...Keith Anderson, Chief Operating Officer of Green Tree Servicing, said, "This is great news for our organization...
- Origen Financial Announces Agreement to Sell Servicing Platform Assets to Green...
- Press release article from: PR Newswire May 1, 2008 700+ words
...the sale of its servicing platform assets to Green Tree Servicing LLC ("Green Tree"), a leading servicer of manufactured housing...a manufactured home loan servicer." About Green Tree Servicing LLC Green Tree, a privately held financial...
- Fitch Assigns 'RPS3/RSS3' Servicer Ratings To Green Tree Servicing LLC.
- Press release article from: Business Wire October 18, 2004 700+ words
NEW YORK -- Fitch Ratings assigns Green Tree Servicing LLC (Green Tree) an 'RPS3' residential primary servicer rating...servicer. The primary servicer ratings reflect Green Tree's seasoned executive and servicing management...
- Fitch Affirms Green Tree Servicing's Resi & Special Servicer Ratings.
- Press release article from: Business Wire November 27, 2006 700+ words
NEW YORK -- Fitch Ratings affirms Green Tree Servicing LLC's (Green Tree) 'RPS3+' residential primary servicer ratings...rating. The primary servicer ratings reflect Green Tree's seasoned executive and servicing management...
- Fitch Upgrades Green Tree Servicing's Resi & Special Servicer Ratings to...
- Press release article from: Business Wire December 13, 2005 700+ words
NEW YORK -- Fitch Ratings upgrades Green Tree Servicing LLC's (Green Tree) residential primary servicer ratings for subprime...The primary servicer rating upgrades reflect Green Tree's seasoned executive and servicing management...
- Green Tree to Buy Origen's Servicing.(Origen Financial and Green Tree Servicing)
- Magazine article from: Mortgage Servicing News June 1, 2008 700+ words
...platform and related assets to Green Tree Servicing. The deal includes the transfer...capital. As part of the sale, Green Tree will assume the lease for Origen...St. Paul, Minn.-based Green Tree will see its servicing portfolio...
- U.S. 4th Circuit: In re Ennis v. Green Tree Servicing, LLC.
- Newspaper article from: Daily Record (Baltimore, MD) March 9, 2009 700+ words
...satisfied. CASE: In re Ennis v. Green Tree Servicing, LLC, US4th No. 07-2134...and Disclosure Statement with Green Tree Servicing, LLC, to finance the purchase...The security agreement gave Green Tree a lien on the mobile home...
- Green Tree Servicing LLC Selects Witness Systems' Advanced Quality Monitoring...
- Press release article from: Business Wire September 12, 2005 700+ words
...services, today announced that Green Tree Servicing LLC has selected its pre-packaged...with prospects and customers, Green Tree's deployment follows an initial...assistant vice president, Green Tree Servicing LLC. "In the selection process...
- North Fork Bancorp to sell GreenPoint Credit operations to Green Tree Servicing...
- Magazine article from: Long Island Business News October 15, 2004 700+ words
...GreenPoint Credit LLC operations to Green Tree Servicing LLC. Terms of the agreement...with St. Paul, Minn.-based Green Tree is expected to close during...in anticipation of the sale. Green Tree Servicing, which was known as Conseco...
- United Properties to manage St. Paul-based Green Tree Servicing buildings.
- Newspaper article from: Finance and Commerce Daily Newspaper, MN July 7, 2005 700+ words
...Finance & Commerce Staff Green Tree Servicing, a St. Paul-based financial...portfolio. The assignment represents Green Tree's first outsourcing of facilities...will manage three buildings for Green Tree, including its headquarters...
Source: HighBeam Research, Centerbridge Will Buy Green Tree.