MetLife, Inc. announced last week that it is getting out of the business of originating residential mortgages. MetLife Home Loans, the residential mortgage division of MetLife Bank, will no longer accept new loan applications for forward mortgages. MetLife Home Loans continues to originate reverse mortgages.
More from the Wall Street Journal:
You know something’s wrong when a company like MetLife can’t find a buyer for its mortgage unit, fires 4,300 workers, and its stock rises. But such is the condition of America’s housing markets, where the risk of overregulation and litigation are so high that companies would rather abandon a business than take a risk on growing it
File Under: Barney – enjoy your retirement!