mortgage business

• MetLife, Inc. (NYSE: MET) announced today that GE Capital Financial Inc. will acquire most of the depository business of MetLife Bank, N.A.
  
  Financial terms of the transaction, which is expected to close in the second quarter of 2012, were not disclosed.
  
  Under the definitive agreement signed by GE Capital and MetLife Bank, GE Capital will acquire approximately $7.5 billion in MetLife Bank deposits, including certificates of deposit and money market accounts.

Bank of America Corp.'s first-quarter income fell 39 percent on higher costs related to its mortgage business and higher litigation expenses.

The bank also settled a claim over faulty mortgage investments and set aside less money to cover soured loans.

GE Capital is selling a Mexican consumer mortgage business that includes a $2 billion mortgage portfolio to Grupo Financiero Santander Mexico.

After the mortgage business imploded last year, investment banks began searching for another big idea to make money. They think they may have found one: bundling life insurance policies.