Reuters: Mergers News: UPDATE 1-MetLife exits reverse mortgage business

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UPDATE 1-MetLife exits reverse mortgage business Apr 26th 2012, 18:22 Thu Apr 26, 2012 2:22pm EDT * Sells portfolio to Nationstar Mortgage * Stops accepting new applications * Company trying to drop bank charter April 26 (Reuters) - MetLife Inc, the largest life insurer in the United States, changed course on Thursday and said it would sell off its reverse mortgage business, one of the largest in the country. MetLife has been actively shedding its banking and mortgage operations in a bid to drop its bank holding company charter, but as recently as January it had said it would continue writing reverse mortgages. But the company said Thursday that Nationstar Mortgage LLC would buy its reverse mortgage servicing portfolio, adding that MetLife Bank would not accept any new applications. It was not clear whether the move would lead to job cuts, and spokesmen for the company were not immediately available to comment. The company stopped taking applications for traditional mortgages earlier this year, and struck a deal last year to sell MetLife Bank's deposit business to General Electric Co's GE Capital. Earlier this year, because of the oversight role it has through the company's bank charter, the Federal Reserve blocked MetLife from raising its dividend or buying back shares amid concerns about some of its capital ratios. Link this Share this Digg this Email Reprints

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