BofA Shopping Mortgage Assets-Report

The New York Post reports $1 billion is on the block.
By Dan Freed ,

NEW YORK (

TheStreet

) --

Bank of America

(BAC) - Get Report

is selling $1 billion in mortgage-related assets, according to a report in

The New York Post

Monday.

The assets include troubled loans and mortgage servicing rights the bank has written down, according to the report.

Bank of America had $12.25 billion in mortgage servicing rights at the end of the third quarter, down from about $19.5 billion at the start of the 2010, according to its most recent quarterly statement. The $7 billion difference appears to be largely attributable to write-downs. The assets are categorized as "Level 3"--which refers to the group of assets that are the hardest to value.

A Bank of America spokesman declined to comment.

--

Written by Dan Freed in New York

.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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