Cendant in Talks on Mortgage Biz

Cendant Corp., New York, has announced that it is in discussions with an unnamed potential purchaser of its mortgage banking business.The July 19 issue of National Mortgage News speculated that possible buyers for the business are GE Consumer Finance, Stamford, Conn., and Citigroup, New York. The deal with the unnamed potential buyer would also result in "the creation of an ongoing relationship between the parties providing for Cendant's continued participation in the mortgage business through its residential real estate, relocation, and settlement services businesses," the company said. Century 21, Coldwell Banker, and ERA are all brands that are part of the Cendant family. Cendant said it expects to receive net proceeds at the time of sale of between $750 million and $1 billion, after repayment of approximately $5 billion to $6 billion of associated indebtedness.