« Splash Media, LP’s Subsidiary, Mortgage Media, LLC (MPTN), Announces Agreement with Mortgage Power Network (MPN) to Provide Bundled Training Product Offering to Mortgage Industry
House Starts Not Expected to Rebound Until 2010 »

Origen Financial Announces Completion of the Sale of Servicing Platform Assets to Green Tree

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.



See Also:

[Via Real Estate Newswire]

This entry was posted on Wednesday, July 2nd, 2008 at 10:59 am and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

Comments are closed.