Paine Webber plans to sell its mortgage division.

Paine Webber Group said it will reorganize its mortgage finance division into a limited partnership and sell all 7 million units to the public at a projected price of $10 per unit. A Paine Webber subsidiary will be the general partner in Paine Webber Mortgage Partners L. P. and will participate in earnings. Paine Webber bought the company nearly three years ago for $50.5 million.

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