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
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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 on the market last week, consisting of non-performing loans and some where payments have resumed, said the people, who asked not to be identified because the offerings are private. The Charlotte, North Carolina-based lender is also marketing about US$1 billion of soured home loans with Wells Fargo & Co, according to one of the people. Citigroup is separately selling about US$1 billion of non-performing and re-performing mortgages, the people said.
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