Metlife has just released the following dispatch; posted below in entirety (besides the legalese):
NEW YORK, October 12, 2011 -- Metlife, Inc. (NYSE:MET) announced today that, in addition to its previously announced decision to explore a sale of MetLife Bank, N.A.'s depository business, the company will now also explore a sale of the Bank's forward mortgage business.
Today's uncertain marketplace and regulatory environment require a tremendous amount of resources -- both in terms of people and capital -- to effectively compete in and profitably grow the forward mortgage business. Doing so would divert these resources away from MetLife's primary focus on its global insurance and employee benefits businesses. As previously noted, exiting the depository business and deregistering as a bank holding company will also enable MetLife to operate within the same regulatory framework as other insurance companies.
MetLife Bank began originating forward and reverse mortgages in 2008 through its MetLife Home Loans division.
MetLife Home Loans will continue to originate forward mortgages while the business is being marketed for sale. The company also remains committed to continuing to service all of its mortgage clients.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MefLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.