MetLife Sells $70B Mortgage Servicing Biz To JPMorgan

Law360, New York (November 5, 2012, 8:33 PM EST) -- MetLife Inc. will sell off its $70 billion mortgage loan servicing portfolio to JPMorgan Chase & Co. as part of a plan to focus on its insurance business, the New York-headquartered benefits provider announced Friday.

The sale comes in the wake of MetLife’s 2011 decision to wind down its MetLife Bank NA operations after the company determined a “bank holding company structure was no longer appropriate” for a firm focused on insurance and employee benefits, it said in a statement.

“Since that time, MetLife has entered...
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