Lone Star Funds has agreed to acquire $9.3 billion in home lending assets and related servicing operations from CIT Group Inc., CIT announced. Lone Star will reportedly pay $1.5 billion in cash and assume $4.4 billion in outstanding debt and other related liabilities. Lone Star is the parent of LSF5 Accredited Investments LLC, which in turn is the parent of Accredited Home Lenders Inc.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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