Bank of America
is continuing a large-scale retreat from its costly expansion into the
home mortgage market, a shift that concentrates more power in the hands
of its biggest rivals and leaves fewer options for some home buyers.
The
bank, which already has sharply scaled back in making mortgages, on
Monday sold off about 20 percent of its loan servicing business as part
of its agreement to pay the housing finance giant Fannie Mae more than $11 billion to settle a bitter dispute over bad mortgages.
THE FULL STORY CAN BE FOUND HERE: NY TIMES
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