MetLife to Explore Sale of MetLife Bank’s Forward Mortgage Business
October 12 2011 - 4:02PM
Business Wire
MetLife, Inc. (NYSE: MET) announced today that, in addition to
its previously announced decision to explore a sale of MetLife
Bank, N.A.’s depository business, the company will now also explore
a sale of the Bank’s forward mortgage business.
Today’s uncertain marketplace and regulatory environment require
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
MetLife’s primary focus on its global insurance and employee
benefits businesses. As previously noted, exiting the depository
business and deregistering as a bank holding company also will
enable MetLife to operate within the same regulatory framework as
other insurance companies.
MetLife Bank began originating forward and reverse mortgages in
2008 through its MetLife Home Loans division.
MetLife Home Loans will continue to originate forward mortgages
while the business is being marketed for sale. The company also
remains committed to continuing to service all of its mortgage
clients.
MetLife, Inc. is a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million
customers in over 50 countries. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United
States, Japan, Latin America, Asia Pacific, Europe and the Middle
East. For more information, visit www.metlife.com.
This press release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe” and other words and terms of
similar meaning in connection with a discussion of future operating
or financial performance. In particular, these include statements
relating to future actions, prospective services or products,
future performance or results of current and anticipated services
or products, sales efforts, expenses, the outcome of contingencies
such as legal proceedings, trends in operations and financial
results.
Any or all forward-looking statements may turn out to be wrong.
They can be affected by inaccurate assumptions or by known or
unknown risks and uncertainties. Many such factors will be
important in determining the actual future results of MetLife,
Inc., its subsidiaries and affiliates. These statements are based
on current expectations and the current economic environment. They
involve a number of risks and uncertainties that are difficult to
predict. These statements are not guarantees of future performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the
risks, uncertainties and other factors identified in MetLife,
Inc.’s most recent Annual Report on Form 10-K (the “Annual Report”)
filed with the U.S. Securities and Exchange Commission (the “SEC”)
and Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the
SEC after the date of the Annual Report under the captions “Note
Regarding Forward-Looking Statements” and “Risk Factors”, MetLife,
Inc.’s Current Report on Form 8-K dated March 1, 2011 and other
filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not
undertake any obligation to publicly correct or update any
forward-looking statement if we later become aware that such
statement is not likely to be achieved. Please consult any further
disclosures MetLife, Inc. makes on related subjects in reports to
the SEC.
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