H&R Block's(HRB Quote) Option One subprime lending unit upped to $750 million the financing available to fund servicing advances through Greenwich Capital Partners, according to a regulatory filing Friday.
Greenwich previously had financed up to $400 million, according to the Form 8-K filing with the Securities and Exchange Commission. The filing also said Option One and Greenwich terminated a $750 million warehouse facility to finance loan originations.
H&R Block has cut hundreds of jobs at Option One and at its shuttered H&R Block Mortgage retail lending franchise, as home prices fall and defaults rise. The company originally agreed to sell Option One to Cerberus Capital Management in the spring. But H&R Block said in August that it was negotiating revised terms for the sale, including an agreement to "wind down" Option One's mortgage origination operations, while Cerberus would only purchase the mortgage-servicing unit. ...
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