BIRMINGHAM, Ala. - SouthTrust Mortgage Corp. said it plans to sell the servicing rights on $5 billion of mortgages, half of its portfolio.

The division of SouthTrust Corp. said it expects to find a buyer in the third quarter and transfer the servicing rights by yearend.

SouthTrust Corp. chairman Wallace D. Malone Jr. said the banking company plans to "remain an active player" in the mortgage market.

He said the goals are to reduce risk and to free up capital "for more profitable investments."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.