The logo of the Bank of America is pictured atop the Bank of America building in downtown Los Angeles November 17, 2011. REUTERS/Fred Prouser
Exclusive - Bank of America to sell rights on $100 billion in mortgages: sources
Posted : Tuesday, 08 January 2013 10:11AM
NEW YORK (Reuters) - Bank of America Corp is looking to sell collection rights on at least another $100 billion of mortgages in the wake of announcing a sale of $300 billion in mortgage servicing rights on Monday, according to two sources familiar with the situation.
Bank of America spokesman Dan Frahm declined to comment on specific transactions but said the bank has been selling MSRs for years and that approach remained part of the bank's strategy.
"By reducing the size of our portfolio, we improve customer service capacity and resolve legacy mortgage issues and reduce risk in our portfolio," he said.
(Reporting by Jessica Toonkel; Additional reporting by Rick Rothacker; Editing by Jeffrey Benkoe)
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