Cendant Shops MortgageOperations

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NEW YORK - (07/12/04) -- Cendant Corp. said last week itinvestment banks Goldman Sachs & Co. and BlackRock Inc. to finda buyer for its massive mortgage operations, which providesmortgage banking for hundreds of credit unions. Cendant reportedfourth-quarter revenue of $213 million for the operation, whichoriginates and services mortgages. The company said it isconsidering the sale of the operations to reduce the effects of itsvolatility on the parent company, as interest rate shifts havecaused huge swings in the value of its servicing portfolio and theparent company's bottom line.

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