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Priceline Exercises Option for Mortgage Business
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Business New Haven
10/15/2001
By: BNH
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NORWALK - Priceline.com Inc. (NASDAQ: PCLN) will exercise its option to take a 49-percent stake in PricelineMortgage, a profitable name-your-own-price loan service, at a time when refinancings are surging due to lower interest rates.
Priceline, best known for selling airfares and hotel reservations, exited several businesses including financial products earlier this year, but kept a foot in the door in mortgages, new cars and telecommunications.
The move comes shortly after Priceline, which allows customers to name their own prices online, said it was recovering faster than expected after the September 11 jetliner attacks on the World Trade Center and the Pentagon shook the travel industry.
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