Itt Corp. Sells Loan Portfolio

In another step away from the financial services business, ITT Corp. has sold its consumer home equity loan portfolio to Transamerica Financial Services for $1.03 billion.

The sale leaves it about $400 million short of its goal of $3 billion in net proceeds when it began selling assets and businesses four months ago.

It has three remaining financial service operations up for sale.

ITT is selling the operations to permit it to focus on its insurance, manufacturing and lodging and entertainment operations.

The deal boosts Transamerica’s portfolio of consumer loans secured by real estate by about 30 percent to $4.5 billion, leaving it as the nation’s fourth biggest independent lender in that category.