Democratic Underground - H&R Block sells troubled mortgage servicer

H&R Block sells troubled mortgage servicer [View All]

DainBramaged

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Mon Mar-17-08 08:40 AM
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H&R Block sells troubled mortgage servicer

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Edited on Mon Mar-17-08 08:41 AM by DainBramaged

Source: MSNBC

Billionaire investor Wilbur Ross to pay $1.1 billion for Options One business

Billionaire investor Wilbur Ross will pay $1.1 billion for H&R Block's troubled Option One mortgage servicing business, which has been rocked by the nationwide mortgage crisis.

Option One currently services about $53 billion of subprime mortgages, ranking it the fourth-largest in the nation.

WL Ross & Co. earlier agreed to acquire $42 billion mortgage servicing rights from American Home Mortgage Investment Corp., and the combined total of $95 billion will create the country's second-largest subprime servicing portfolio, after Countrywide Financial.

Read more: http://www.msnbc.msn.com/id/23671296/

Fire sale, get your hot mortgages, fire sale, get 'em while they are cheap!

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H&R Block sells troubled mortgage servicer [View All]