Bank of America Corp is in talks to sell mortgage servicing rights on more than $300 billion of loans, two sources familiar with the situation said, in an effort to offload problem mortgage exposure after huge losses on its disastrous 2008 Countrywide Financial acquisition.Ocwen Financial Corp, Nationstar Mortgage Holdings and Walter Investment Management Corp are among the firms that are in talks to purchase a portion of the mortgage servicing rights, said the sources, who declined to be identified because they are not permitted to speak to the press.It could not be determined how much each firm would purchase or what they are paying for the MSRs.Bank of America spokesman Dan Frahm said the company does not comment on "market rumor or speculation." Representatives of Nationstar, Ocwen and Walter did not immediately respond.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 1.13% or $0.135/share to $12.10. In the past year, the shares have traded as low as $6.06 and as high as $12.15. On average, 158820000 shares of BAC exchange hands on a given day and today's volume is recorded at 117728528.
Nationstar Mortgage Holdings Inc. is a non-bank residential mortgage servicer with a range of services across the residential mortgage product spectrum. Shares of NSM traded higher by 4.69% or $1.47/share to $32.78. In the past year, the shares have traded as low as $13.00 and as high as $37.20. On average, 1508430 shares of NSM exchange hands on a given day and today's volume is recorded at 2782690.
Walter Investment Management Corp., together with its subsidiaries, is a fee-based business services provider to the residential mortgage industry. Shares of WAC traded higher by 2.08% or $0.88/share to $43.09. In the past year, the shares have traded as low as $17.87 and as high as $48.54. On average, 789059 shares of WAC exchange hands on a given day and today's volume is recorded at 2254364.
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