October172011
Spokespersons for Bank of America and Brookfield declined
to comment.Bank of America, which agreed to to buy Merrill at the
height of the financial crisis in 2008, has been reducing its
space in the building. The Charlotte, North Carolina, bank has
a tower in Midtown Manhattan that officially opened last year.The sale is the latest move by Bank of America to shed
assets as it looks to build capital to meet new international
standards and to cover mortgage losses.
October122011
Oct 12 (Reuters) - MetLife Inc , the largest U.S.
life insurance company, said on Wednesday it might sell its
traditional mortgage lending business.Dealing with the changing mortgage lending market will
divert too many resources from MetLife’s insurance businesses,
the company said.MetLife has also said it might sell its depository business
and de-register as a bank holding company.MetLife Home Loans will continue to make traditional
mortgages while the insurer decides whether to sell the
business. The company said it will continue to service its
mortgage clients.MetLife Home Loans, a division of MetLife Bank, began
making traditional mortgages and reverse mortgages in 2008.A MetLife spokesman said it would continue to offer reverse
mortgages, a business many other financial companies are
exiting. He added that MetLife is “continuously evaluat(ing)
all of our businesses based on market conditions and the
regulatory environment.”Regulatory issues are becoming more prominent for MetLife
given its potential for being tagged a “systemically important
financial institution” by the Financial Stability Oversight
Council.Many analysts think it is inevitable the company will be
tagged, which will bring Federal Reserve oversight and stricter
controls over risk and capital.
