Cendant ends talks for mortgage unit sale

Travel and real estate service provider Cendant Corp. reported Wednesday that it has ended talks with Countrywide Home Loans Inc. to potentially purchase its mortgage company, according to ASR sister publication National Mortgage News. In a release, Cendant stated that it has “terminated discussions with the party referred to in the Company’s July 20, 2004 press release regarding the potential sale of Cendant’s mortgage business.” At the time, Cendant expected the potential deal to gain net proceeds between $750 million and $1 billion. The firm also expressed its intention to continue receiving proposals and hold preliminary discussions with other parties about the sale. It is also currently considering other strategic alternatives for the business. The company didn’t give a reason for terminating discussions. National Mortgage News reports that both Cendant and Countrywide have not publicly confirmed that Countrywide was the potential buyer.