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Originally published Friday, December 24, 2010 at 10:59 AM

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Summary Box: GE Capital sells mortgage portfolio

THE DEAL: GE Capital will sell its $2 billion Mexican consumer mortgage portfolio to Grupo Financiero Santander Mexico. A GE official pegs the price at about $170 million.

The Associated Press

THE DEAL: GE Capital will sell its $2 billion Mexican consumer mortgage portfolio to Grupo Financiero Santander Mexico. A GE official pegs the price at about $170 million.

THE REASON: GE Capital is shrinking its balance sheet by dumping non-strategic businesses that lack scale.

BACKDROP: The lending unit of General Electric Co. was stung by real estate losses during the recession, when it booked billions in write-offs. However, it reported an $871 million profit in the third quarter, up from $141 million the year, as credit costs fell and its margins increased.

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