CIT Group Inc., the firm now led by former Merrill Lynch chief John Thain, took a hit for hundreds of millions of dollars on its legacy reverse mortgages.
Financial Freedom, the reverse mortgage lending subsidiary of New York-based CIT, was once the largest reverse mortgage lender in the country.
In 2005, Financial Freedom Senior Funding Corp. was a subsidiary of IndyMac Bank FSB. That year, it reported $2.9 billion in reverse mortgage originations.
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From:: Financing