BofA Shopping Mortgage Assets-Report
NEW YORK (
) --
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
.
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