MetLife May Have Difficult Time Selling Mortgage Banking Business When Starting Fresh Is a Plus
October 20, 2011
MetLife announced last week that it wants to sell its mortgage banking business, but regulatory and legal issues that are partly driving the firms retreat may also make it hard to find a buyer. Nowadays, starting from scratch may make more sense than buying someone elses problems. MetLife explained in a press release that the decision was prompted by an uncertain marketplace and regulatory environment [that requires] a tremendous amount of resources both in terms of people and capital to effectively compete in and profitably grow the forward mortgage business. Doing so would divert these resources away from...