Cendant, unable to find a buyer for its mortgage business, now plans to spin off the division to shareholders.
The consumer services conglomerate announced the move after the close of trading Tuesday. Cendant tried unsuccessfully for several months to find a buyer for its mortgage business.
The most likely buyer, Countrywide Financial, one of the nation’s biggest mortgage finance firms, walked away from doing a deal with Cendant during the summer.
For this complete story, please visit Cendant to Spin Off Mortgage Unit.
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