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GE CAPITAL ACQUIRES SHEARSON LEHMAN HUTTON MORTGAGE CORPORATION

 STAMFORD, Conn., Aug. 3 /PRNewswire/ -- GE Capital and Lehman Brothers Holdings, Inc. today announced the signing of a definitive agreement for the sale of Lehman's wholly owned Shearson Lehman Hutton Mortgage Corporation (SLHMC) subsidiary to GE Capital.
 Under the agreement, GE Capital Mortgage Services, Inc. would acquire 100 percent of the stock of Shearson Lehman Hutton Mortgage Corporation, a California-based mortgage company with a $17.5 billion servicing portfolio. GE Capital currently manages a $42 billion mortgage servicing portfolio.
 The purchase price, net of proceeds to retire debt of SLHMC, is approximately $70 million, subject to certain adjustments at the time of closing. The sale will not have a material effect on Lehman Brothers' third quarter results.
 Edward D. Stewart, executive vice president of GE Capital, said, "GE Capital has had a long term commitment to housing and mortgage finance and this transaction represents an important expansion of our servicing operations."
 Alan L. Hainey, president of GE Capital Mortgage Services, Inc., said, "The additional capabilities and San Bernadino, Calif. servicing center will enable us to better serve our west coast area customers."
 Lehman Brothers Holdings, Inc., through its wholly-owned subsidiary Lehman Brothers Inc., is a global investment bank with leadership positions in corporate finance and advisory services, security sales, trading and research. Lehman Brothers serves the financial needs of institutional, corporate, governmental and high-net-worth individual clients in all major financial centers worldwide.
 GE Capital, a wholly owned subsidiary of General Electric Company (NYSE: GE), is a diversified financial services company headquartered in Stamford. GE Capital's activities include specialty insurance, consumer services, specialized financing, equipment management and mid-market financing. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 8/3/93
 /CONTACT: Thomas F. Lamb, Jr. of GE Capital, 203-357-4346; Marc Goldhaber, 919-846-4476, or Mike Kachel, 919-870-2399, both of GE Capital Mortgage Corp.; or Steven Faigen of Lehman Brothers, 212-298-4379/
 (GE)


CO: GE Capital; Lehman Brothers Holdings, Inc. ST: Connecticut IN: FIN SU: TNM

SH -- NY071 -- 8966 08/03/93 14:12 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
Words:336
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