UPDATE 1-Barclays shuts U.S. mortgage arm EquiFirst
NEW YORK/LONDON Feb 17 (Reuters) - Barclays Plc (BARC.L) has shut its U.S. mortgage origination business EquiFirst less than two years after buying the business, the British bank said on Tuesday.
The bank said it was shutting EquiFirst due to tough market conditions, but said it remained committed to its other mortgage businesses in the United States.
Barclays bought the subprime lender in March 2007 for $76 million, about two-third less than its original offer for the business after the U.S. housing crisis erupted. In August that year it cut jobs due to the U.S. housing slump and it has slimmed further since. (Reporting by Steve Slater, editing by Will Waterman)
- Tweet this
- Share this
- Digg this
- Exclusive - Apple, Google agree to pay over $300 million to settle conspiracy lawsuit
- Brazilian Congress passes Internet bill of rights
- Moyes left all at sea by scale of United job, says former coach
- Boy and girl on Korean ferry drowned with life jackets tied together |
- Ukraine forces kill up to five rebels; Russia starts drill near border |