Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

MetLife to sell business unit to JPMorgan Chase

Send a link to a friend

[November 03, 2012]  NEW YORK (AP) -- MetLife Inc. is selling its $70 billion mortgage servicing business to JPMorgan Chase & Co. for an undisclosed price.

MetLife said Friday that the move is part of its strategy to focus on the insurance side of its business. It decided last year that it no longer wanted to serve as a bank holding company and subsequently sold off a number of those non-core businesses.

JPMorgan Chase said the deal will strengthen its own servicing business. It expects that business will grow as consumers refinance to take advantage of currently low interest rates.

The deal will increase the company's $1.1 trillion servicing business by more than 5 percent.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor