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

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 pr…