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Byline: Paul Muolo
Washington-Sometime soon Bank of America will make a final decision on the fate of Merrill Lynch's far-flung mortgage units, which include two large subprime servicing companies and a Jacksonville, Fla.-based division that caters to Merrill's wealthy brokerage customers.
In a recent interview with Mortgage Servicing News, BoA mortgage chief Barbara Desoer said, "We're in the midst of making an assessment," but offered no guidance on what, exactly, the bank would do with the units.
BoA - which took control of Merrill earlier this year - already owns a large servicing operation that caters to subprime customers through its ownership of Countrywide Home Loans.
BoA is in the process of converting the bank's servicing platform over to Countrywide's. But next month the Countrywide brand name will disappear completely in favor of the nationwide brand, Bank of America Home Loans.
Merrill's subprime servicing businesses include Home Loan Services of Pittsburgh, with $28 billion in receivables, and Wilshire Credit, Beaverton, Ore., which has refused to disclose its servicing ...