New Data Reveals: CIT Group’s Financial Freedom is Responsible for Nearly 40% of HECM Reverse Mortgage Foreclosures (More Than Twice its Estimated Share of the Market) Since April 2009

Earlier today, the California Reinvestment Coalition called on the Department of Housing and Urban Development (HUD) to impose a moratorium on any additional reverse mortgage foreclosures by CIT Group and its subsidiary, Financial Freedom. The call for a moratorium is based in part on new data (see fact sheet here) that CRC obtained from HUD, indicating that Financial Freedom/CIT Group’s share of reverse mortgage foreclosures (39%) since April 2009 is more than two times greater than the company’s estimated market share (17%).