This says a lot about the people and managment for a company like Met Life to come in and buy this deal in light of the recent market environment.
NEW YORK (Reuters) - A unit of insurer MetLife Inc (MET.N: Quote, Profile, Research) said on Wednesday that it would acquire a residential mortgage business from First Horizon National Corp (FHN.N: Quote, Profile, Research) subsidiary First Tennessee Bank N.A. that includes about $20 billion in first-lien mortgage loans.
The sale price was not disclosed, but MetLife Bank has agreed to pay book value for the assets purchased.
First Horizon said in a regulatory filing that because of the deal and other efforts to reduce infrastructure, it expected to take pretax charges of $50 million to $70 million in 2008.
The deal, which is expected to close in the third quarter, includes all of First Tennessee's mortgage origination business outside of Tennessee and servicing assets associated with the mortgages MetLife Bank will assume.
MetLife Bank said it was also entering into another agreement for the remainder of First Horizon's first-lien servicing portfolio, which is expected to total about $65 billion.
The deal does not include MetLife Bank assuming any subprime or Alt-A mortgages, it said.
As part of the deal, MetLife Bank acquires some 230 retail and wholesale offices nationwide.
http://www.reuters.com/article/innov...04283120080604
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