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Billions in Mortgages Set To Be Sold By Bank of America
Mortgage News > Billions in Mortgages Set To Be Sold By Bank of America
Bank of America has decided to unload roughly another $100 billion in mortgages in addition to the selling of the $300+ billion the bank announced on Monday.
New capital rules are causing some of the loans Bank of America holds to become too costly. Smaller companies looking to purchase the listed mortgages will be exempt from the big bank capital rules which will allow them to be more profitable for them than they were for the banks.
On Monday, BofA announced that Nationstar Mortgage Holdings was set to buy $215 billion of servicing rights for $1.3 billion, and Walter Investment $93 billion for $519 million.
Bank of America has been selling mortgage service for years. Dan Frahm, a Bank of America spokesman, said “By reducing the size of our portfolio, we improve customer service capacity and resolve legacy mortgage issues and reduce risk in our portfolio.”