DALLAS (AFX) - Centex Corp., one of the largest home builders in the U.S., said Tuesday it closed the sale of its sub-prime home equity lending business, Centex Home Equity Co., to an affiliate of Fortress Investment Group LLC.
Centex expects proceeds to total about $540 million, and added it may receive another payment based on the volume of mortgage loans the business originates in the two years after the closing.
Centex fell 48 cents to close at $50.15 on the New York Stock Exchange.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.