Itt Division Sale Brings $5.5 Billion

ITT Corp. agreed Friday to sell off its mortgage and reinsurance businesses and a portfolio of California realty for $5.5 billion, the last of the hotel and entertainment conglomerates’ financial services holdings.

The cash sales mark ITT’s exit from the business of making loans to consumers and businesses. The company wants to focus on insurance, manufacturing, lodging and entertainment.

Since December, the New Yorkbased company, which owns Hartford Insurance, Sheraton hotels and Caesar’s World casinos, has sold off several finance units of its ITT Financial subsidiary to banks and other companies, raising several billion dollars.