(KEY.N) KeyCorp Bank Bank of America Corporation (BAC.N: Quote) the disposal of commercial mortgage servicing rights asset value of around $ 110 billion units, the amount is not disclosed, the assets of the latest uninstall the service, many largeBank expensive considering its collection.
Bank of America (Bank of America) service of more than $ 30 billion U.S. dollars earlier this year announced a similar deal. The terms of the transaction showed a relatively small amount of money changed hands.
$ 5.19 billion to $ 9,300 billion in mortgage loans for $ 130 million, it sell $ 215 billion in mortgage servicing rights Kwok Sing the mortgage payments Holdings (NSM.N) and rights to Walt investment.
After the housing crisis, many borrowers into foreclosure, and the collection of mortgage payments has become expensive. The need to back up the loan capital levels are also higher, while the smaller companies, specialized services for these loans the bank did not follow the bank capital rules.
Bank of America and other banks continued housing crisis. New York Attorney General Eric Schneiderman said on Monday that he plans to sue the purpose of violating the terms of the settlement in order to put an end to the abuse and Wells Fargo mortgage services (WFC.N: Quote).
Bank of KeyBank Real Estate Capital, said in a statement, will more than double, to $ 205 million, the acquisition of its portfolio of services, including about $ 1.4 billion of special rights.
The transaction requires the approval of the private investors.
The KeyBank bank said it does a sub-service agreement with Berkadia Commercial Mortgage CMBS portfolio of services, which is acquired from Bank of America (Bank of America). It also acquired Be rkadia, $ 10 billion in special services portfolio.
Other News:
BofA sells $110 billion CMBS servicing rights portfolio to KeyBank
Kenya asks U.N. Security Council to end Hague case against president
Higher prices for MS drug help drug firm Merck
Brother arrested in fatal Calif. stabbing of girl
Long troubled by school bullying, Japan now eyes zero tolerance
Deadly bomb strikes civilian area in east Libya
Search continues in Kansas for girl presumed dead
Icahn, Southeastern challenge Dell takeover plan
