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Lone Star Buys CIT's Servicing.
New York -- Lone Star Funds - which already owns one of the nation's largest surviving subprime firms - has agreed to buy the nonprime lending division of CIT Group, including its servicing platform.
Lone Star will pay $1.5 billion in cash for the business and assume $4.4 billion in debt.
Among subprime servicers, CIT Group Consumer Finance of Livingston, N.J., ranks 20th, according to figures compiled by this publication and the Quarterly Data Report. At the end of March CIT serviced $8.7 billion in residential subprime loans.
By purchasing CIT's subprime division, Lone Star acquires a servicing platform. Lone Star's other subprime affiliate, Accredited Home Lenders of San Diego, does not have much in the way of servicing.
CIT Group Consumer Finance ranked second among all subprime lenders in the first quarter originating $652 million in loans. ...
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Source: HighBeam Research, Lone Star Buys CIT's Servicing.