Green Tree Servicing, which is now part of Ditech Financial, did not provide mobile home financing but serviced loans made by other companies, according to Loan Safe. As of 2009, Green Tree held the largest manufactured home loans servicing portfolio, including loans first made by Conseco Finance.Continue Reading
Green Tree Financing no longer exists as a separate entity. It was combined with Ditech Mortgage Corporation to form Ditech Financial LLC, as of Aug. 31, 2015, according to a statement on the company's website.
Green Tree Financing was sued by both the U.S. Federal Trade Commission and Consumer Financial Protection Bureau for illegal and abusive debt collection practices, misrepresentations of amounts that consumers owed, and failure to honor loan modification agreements that had been agreed to by prior loan servicers. In April 2015, the company settled the suit by agreeing to pay $48 million in restitution to affected customers plus a $15 million civil fine, according to the FTC. Green Tree also agreed to abide by a number of stipulations about its business practices in the future.
Green Tree was one of the companies that received federal funds to assist homeowners with mortgage loan modifications under the Troubled Asset Relief Program, which was signed into law in 2008. According to Pro Publica, Green Tree received almost $78 million in incentive payments under the Making Home Affordable program.Learn more about Credit & Lending