CMH: Agree with the positives...but I'm a little fuzzy about the implications of this transaction Comments:
KNOXVILLE, Tenn.--(BUSINESS WIRE)--May 15, 1998--Clayton Homes Inc. (NYSE: CMH) has reached a definitive agreement with Access Financial Lending Corp. regarding $512 million in manufactured housing loans. Vanderbuilt Mortage and Finance, a subsidiary of the Company, will service a $267 million securitized portfolio and will purchase and service an additional $245 million in loans.
Terms of purchase were not disclosed. Clayton Homes expects the transaction to be accretive to earnings in fiscal 1999, which begins July 1, 1998.
Prospectus dated May 20, 1999 $518,907,000
(Approximate)
Vanderbilt Mortgage and Finance, Inc.
Seller and Servicer
Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1999B |
