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March 31, 2006
Centex Selling Subprime Home Lending Division
Centex Corp. has inked a $575-million deal to sell its Centex Home Equity Co. subprime home equity mortgage division. The buyer was Fortress Investment Group LLC of Manhattan. Dallas-based Centex plans to use the proceeds from the sale to invest in its homebuilding activities and buy back stock. According to Centex CEO Tim Eller, the transaction "supports our strategy of focusing on our core homebuilding operations."
Posted by S. Germain at March 31, 2006 08:32 AM