Glendale Federal to Sell Fixed Home-Equity Loans
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Glendale Federal Bank, the main subsidiary of Glenfed Inc., said it has reached an agreement to sell up to $500 million of its fixed home-equity loans to Household International Inc., a Prospect Heights, Ill., financial services company.
Terms of the sale, which is expected to close March 1, were not disclosed.
Stephen Trafton, president and chief executive of Glendale Federal Bank, said the sale is part of the bank’s efforts to focus on single-family mortgages, which typically carry less risk than home-equity loans.
The sale will also boost Glendale Federal’s capital, Trafton said.
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