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U.S. Bancorp Buys Leader.(Brief Article)
A few years ago U.S. Bancorp here sold its mortgage unit and washed its hands of the residential lending sector - but that was before it merged with Firstar of Milwaukee.
Last week, U.S. Bancorp agreed to buy The Leader Mortgage Co., Cleveland, an $8.6 billion servicer that also produced $2.1 billion in home loans last year.
Once USB swallows Leader, it will have $40 billion in servicing rights on its books, ranking 20th overall, and the ability to produce about $18 billion a year in new residential loans.
Financial terms of the ...
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