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Cendant Can't Move Lending Arm
Cendant(CD Quote), the consumer-services conglomerate, is having trouble unloading its mortgage business, and some observers think it might be out of luck if Countrywide(CFC Quote) ends up taking a pass on the billion-dollar portfolio.
An investment banking source said the country's two biggest financial services firms, Citigroup(C Quote) and J.P. Morgan Chase(JPM Quote), recently took a pass on Cendant's mortgage lending operation.
Cendant, the source said, hired Goldman Sachs(GS Quote) last year to find a buyer for the operation, which is the nation's 10th-largest residential lender. In December, National Mortgage News, an industry trade publication, first reported that Cendant had put its mortgage business on the block. ...
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