Bombardier today announced its exit from the servicing of Bombardier Capital’s manufactured housing portfolio with the transfer to Green Tree Servicing LLC of future servicing rights and obligations. The off-balance sheet portfolio being serviced represents approximately $900 million US.
The agreement is subject to obtaining third party approvals and fulfilment of other customary conditions and is expected to close in the first quarter of next fiscal year.
This transaction is the continuation of Bombardier Capital’s orderly portfolio wind-down initiated in 2001. Bombardier Capital will continue its activities of commercial aircraft financing, and the orderly and timely wind-down of the remaining portfolios.
Green Tree is a privately-held financial services organization headquartered in Saint Paul, Minnesota. It services manufactured housing loans, as well as home equity, home improvement and consumer installment loans. It also originates manufactured housing loans and markets insurance products to customers on a nationwide basis.
A world-leading manufacturer of innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2005, were $15.8 billion US and its shares are traded on the Toronto Stock Exchange (BBD). News and information are available at www.bombardier.com.
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