MetLife Buys First Horizon

Metlife Buys Mortgage Business From First Horizon (Update3)
As Reported on Bloomberg

June 4 (Bloomberg) — MetLife Inc., the largest U.S. life insurer, agreed to buy a residential mortgage business from First Horizon National Corp., expanding its bet on the U.S. housing market.

The purchase includes the home loan unit of First Horizon’s Tennessee Bank National Association outside of that state, with 230 offices in the U.S., the New York-based insurer said today in a statement. MetLife said it isn’t acquiring any subprime or Alt- A mortgages in the purchase. Terms weren’t disclosed.

MetLife is expanding its banking services after agreeing in April to buy a reverse mortgage specialist from Jacksonville, Florida-based EverBank Financial Corp. Life insurers including No. 2 Prudential Financial Inc. and Principal Financial Group Inc. reiterated last month their strategies of investing in mortgages even after the meltdown of the subprime ( Full Story)

Written by charles dennis on June 4th, 2008 with comments disabled.
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