Bank of America’s Reverse Mortgage Acquisition Is Well-Timed
Amid continued upheaval in the housing market, Bank of America Corp.’s foray into reverse mortgage lending is about the safest bet it can make, economists said.
Last week, the Charlotte, N.C.-based bank agreed to purchase Reverse Mortgage of America, a division of Seattle Mortgage Co., for an undisclosed amount. When the deal closes later this quarter, the unit will function under the masthead of BofA’s home equity group, which has remained a frontrunner in home equity, with $90 billion in outstanding balances. Read More:
Written by charles dennis on May 3rd, 2007 with 1 comment.
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