Cendant to Mull Sale of Mortgage Biz

Cendant Corp., New York, has announced that it will consider strategic options that include the sale of its mortgage origination platform and its mortgage servicing business.However, the company said any transaction would be aimed at preserving "the cross-selling benefits of a 'value circle' that exists between the mortgage business and the company's residential real estate brands and relocation and resettlement services businesses." Henry R. Silverman, chairman, chief executive officer, and president of Cendant, said the company's mortgage business, which is expected to represent "only a fraction" of the company's income this year, "continues to perform in line with our expectations. However, our mortgage banking activities can produce volatility in Cendant's earnings inconsistent with our business model and the remainder of our portfolio." Cendant also announced that it now expects to exceed the high end of its recently announced earnings projection of $0.42-$0.44 per share from continuing operations by $0.02 to $0.03. Cendant can be found online at http://www.cendant.com.