Origen Financial Announces Completion of the Sale of Servicing Platform Assets to Green Tree
July 02 2008 - 12:59PM
PR Newswire (US)
SOUTHFIELD, Mich., July 2 /PRNewswire-FirstCall/ -- Origen
Financial, Inc. (NASDAQ:ORGN) today announced it has completed the
previously announced sale of its servicing platform assets to Green
Tree Servicing LLC, a leading servicer of manufactured housing
loans, other residential and consumer loans. As part of the sale
transaction, Green Tree assumed the lease for Origen's Fort Worth,
Texas servicing facility. Origen used proceeds from the sale to
retire a $15 million loan secured by the servicing assets, to
partially repay a $46 million secured loan facility entered into in
April 2008 and for working capital. The sale was approved by
Origen's stockholders at the Company's annual meeting on June 25,
2008, as one component of an Asset Disposition and Management Plan.
Other components of this plan include the active management of
Origen's securitized loan portfolios and other remaining assets and
the continued rationalizing of operating costs as necessary and
appropriate to efficiently and effectively continue operations and
preserve stockholder value. ORGN-G About Origen Financial, Inc.
Origen is an internally managed and internally advised company that
has elected to be taxed as a real estate investment trust. Origen
is based in Southfield, Michigan. About Green Tree Servicing LLC
Green Tree, a privately held financial services organization
headquartered in St. Paul, Minnesota, services the nation's largest
portfolio of secured manufactured housing consumer loans and
installment contracts, and is a leading servicer of residential
mortgage loans and other consumer loan products. Green Tree
operates service centers in Tempe, Arizona and Rapid City, South
Dakota as well as 30 regional offices located throughout the United
States. Upon completion of this transaction, combined with other
recent acquisitions, Green Tree's loan servicing portfolio will
grow to over $22 billion. Forward-Looking Statements This press
release contains various "forward-looking statements" within the
meaning of the Securities Act of 1933 and the Securities Exchange
Act of 1934, and Origen intends that such forward-looking
statements will be subject to the safe harbors created thereby. The
words "will," "may," "could," "expect," "anticipate," "believes,"
"intends," "should," "plans," "estimates," "approximate" and
similar expressions identify these forward-looking statements.
These forward-looking statements reflect Origen's current views
with respect to future events and financial performance, but
involve known and unknown risks and uncertainties, both general and
specific to the matters discussed in this press release. These
risks and uncertainties may cause Origen's actual results to be
materially different from any future results expressed or implied
by such forward-looking statements. Such risks and uncertainties
include, among others, the foregoing assumptions and those risks
referenced under the headings entitled "Factors That May Affect
Future Results" or "Risk Factors" contained in Origen's filings
with the Securities and Exchange Commission (the "SEC"). In
addition, as reported in this release, Origen has sold a
substantial portion of its assets, which injects considerable
uncertainty beyond risks associated with a continuing business
enterprise. The forward-looking statements contained in this press
release speak only as of the date hereof and Origen expressly
disclaims any obligation to provide public updates, revisions or
amendments to any forward- looking statements made herein to
reflect changes in Origen's expectations or future events. For more
information about Origen, please visit
http://www.origenfinancial.com/. DATASOURCE: Origen Financial, Inc.
CONTACT: W. Anderson Geater, Chief Financial Officer of Origen,
1-866-4-ORIGEN; or Leslie Loyet of Financial Relations Board,
+1-312-640-6672, , for Origen Financial, Inc. Web site:
http://www.origenfinancial.com/
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