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BofA To Close Mortgage Division
New York–based Bank of America Corp. will shut-down its correspondent-mortgage division by year-end.
New York–based Bank of America Corp. (BofA) will shut-down its correspondent-mortgage division by year-end, The Wall Street Journal reports. The division, which bought mortgage loans from credit unions, suffered a $14.5 billion loss in the second quarter as investors demanded the repurchase of defective loans, adds Bloomberg.
BofA, took over the business as part of its 2008 purchase of mortgage lender Countrywide Financial Corp. The Bank is looking to shift the 1200 employees in the unit to other jobs within the company.
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