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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Don Green who wrote (23370)	8/17/2004 3:37:57 PM
From: Ahda	Respond to of 306849

Thank you for the information. I wonder if these people know we do not think in the same terms as Japan does? So they reduce a percentage of exposure. New York, NY 07-20-2004 -- Cendant Corporation (NYSE: CD) announced today that it is in discussions with a potential purchaser regarding the sale of Cendant's mortgage business as well as the creation of an ongoing relationship between the parties providing for Cendant's continued participation in the mortgage business through its residential real estate, relocation and settlement services businesses. It is currently anticipated that the potential transaction, if completed, would result in net proceeds to Cendant at the time of sale of between $750 million and $1 billion, after repayment of approximately $5 billion to $6 billion of associated indebtedness. The terms of the potential transaction are subject to completion of due diligence, determination of an appropriate structure regarding Cendant's ongoing participation in the mortgage business and negotiation of definitive agreements. There can be no assurance that the parties will enter into a definitive agreement for any transaction or that any transaction will be completed. Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company’s Web site at www.cendant.com or by calling 877-4-INFOCD (877-446-3623).