Bank Of America May Sell Another $100 Bil Loan Rights
Bank of America (BAC) plans to sell at least another $100 billion of mortgage collection rights within the next several weeks, Reuters said, quoting unnamed sources. The No. 2 U.S. bank by deposits on Monday said it would sell $215 billion in mortgage servicing assets to Nationstar Mortgage (NSM) for about $1.3 billion. Separately, Walter Investment (WAC) said Monday it would pay $519 million for a package of Bank of America loan servicing rights.
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