Bank of America Corp (BAC.N) is looking to sell its correspondent mortgage business, continuing a push to shed parts of its home loans division, a company spokesman said on Wednesday. The largest U.S. bank by assets decided to exit the correspondent channel, which employs more than 1,000 people, because it no longer fits with the long-term strategy for its mortgage unit, Bank of America spokesman Dan Frahm said. "We intend to sell the correspondent mortgage lending division or, if a suitable deal is not identified, we will consider other options," said Frahm. The potential sale is also the latest in the bank's broader move to shed assets as it looks to raise capital to meet new industry standards, and potentially absorb billions in home loan-related losses.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 0.74% or $0.06/share to $8.17. In the past year, the shares have traded as low as $6.01 and as high as $15.31. On average, 240839008 shares of BAC exchange hands on a given day and today's volume is recorded at 278752704.
Source
