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INDUSTRY UPDATE
Ford Credit announced April 4th that it plans to exit automobile leasing in New York in early July 2003 in response to an outdated law that holds leasing companies responsible for accidents involving their leasing customers. New York's vicarious liability law has resulted in large payouts by leasing companies to resolve litigation.
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GE Consumer Finance, the consumer-lending unit of General Electric Company, announced it plans to acquire Conseco Finance Corp.'s sales finance unit with a bid valued at $310 million. The acquisition includes private label credit card receivables and certain consumer installment and home improvement loan assets.
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Sears announced that it is evaluating strategic alternatives for the company's Credit and Financial Products business, including its possible sale, in order to create value for all investors and focus on its profitable core Retail and Related Services business.
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Steve Alonso, president and CEO of Oak Street Mortgage LLC, announced that two of their partner offices, the Great Western Loans & Investments LP in Reno, Nevada and the AABCO Mortgage Loans & Investments branch office in St. Petersburg, Florida will pilot doing business as Oak Street Mortgage.
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The stockholders of Penn Hill Associates, Inc. announced January 1 the sale of all of the common stock of the company to Timothy J. Harrelson of North Litchfield Beach, S.C.
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