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Bank of America, Citigroup selling US$3b of soured mortgages

Banks have accelerated sales to cut holding costs and as hedge funds, firms seek to profit from rising home values
Friday, November 14, 2014 - 05:50
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Bank of America put about US$1 billion of troubled debt on the market last week, consisting of non-performing loans and some where payments have resumed, say people with knowledge of the matter.

Washington

BANK of America Corp and Citigroup Inc are selling multiple pools of soured US mortgages to meet demand from investment firms that are pushing prices higher, according to three people with knowledge of the matter.

Bank of America put about US$1 billion of troubled debt

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