Stamford, Conn. - General Electric Capital Mortgage Services Inc. said Tuesday that it will buy Shearson Lehman Hutton Mortgage Corp. for $70 million.
The long-rumored deal adds Shearson's $17.5 billion servicing portfolio to the huge $42 billion portfolio controlled by GE Capital. The company will jump from ninth place to fifth among all servicers in the country when the deal closes. Edward D. Stewart, executive vice president of GE Capital, said: "This transaction represents an important expansion of our servicing operations."
