Dominion Resources plans to divest Dominion Capital, parent company of Saxon Mortgage Inc., as a result of legislation concerning the merger between DR and Consolidated Natural Gas two weeks ago. The legislation may require DR to divest any non-core assets.
"The SEC has given them at least three years after the settlement of that merger," said Brad Adams, senior vice president of capital markets. "So we could still be a subsidiary of Dominion Resources for a long, long time."
Essentially, however, Saxon is for sale, Adams said.