National Press on MetLife Reverse Mortgage Decision: Just Another Exit

From the Wall Street Journal to Fox Business and Bloomberg news, major media outlets last week covered MetLife’s exit from the reverse mortgage business, announced Thursday. By and large, financial press deemed the decision just another stop in a bigger exit strategy on the part of MetLife, which has been shedding business lines since last year and recently saw its CEO step down. Here’s what they had to say.

BusinessWeek: MetLife posts 1Q loss, exiting reverse mortgages…MetLife Inc. said Thursday it is getting out of the reverse mortgage business as part of its exit from retail banking, which it says accounted for only a small fraction of its profits. Read more.

The Wall Street Journal: MetLife Exiting Reverse Mortgage Business, Selling Portfolio To Nationstar….MetLife Inc. (MET) said Thursday it is selling its reverse mortgage business, its latest move to avoid increased regulatory scrutiny and stay focused on its core operations. Read more.

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Bloomberg News: MetLife Exits Reverse Mortgages in Retreat From Banking. MetLife Inc. (MET), the largest U.S. life insurer, agreed to sell its reverse-mortgage portfolio to Nationstar Mortgage LLC as Chief Executive Officer Steven Kandarian retreats from banking to limit U.S. regulation. Read more.

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Reuters: MetLife exits reverse mortgage business. MetLife Inc, the largest U.S. life insurer and reverse mortgage lender, made a surprise shift on Thursday with the sale its reverse mortgage business as part of its exit from banking-related activities.

Fox Business: MetLife Exiting Reverse Mortgage Business, Selling Portfolio To Nationstar. MetLife Inc. (MET) said Thursday it is selling its reverse mortgage business, its latest move to avoid increased regulatory scrutiny and stay focused on its core operations. Read more.

Written by Elizabeth Ecker

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  • Nice article, Elizabeth.  It helps to keep things in perspective. 
    The business in our entire industry would be barely 10%, if that, of the business of Wells Fargo.  While it might be bigger than that for MetLife, our industry is not much to report on; however, that does not mean it is not important to us and those we serve.

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