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$62B on the Market.
New York -- H&R Block is actively marketing the subprime servicing operation of its wholly owned mortgage subsidiary, Option One Mortgage Corp., Irvine, Calif., the nations fourth largest servicer of A- to D loans.
Up for grabs is OOMCs portfolio of receivables as well as the platform itself. Block wants to sell the thing in one piece, said one servicing manager. OOMC services $62 billion in loans.
Investment bankers say the likely buyers include hedge funds and Wall Street firms. Even though the subprime market has been decimated over the past nine months, investment bankers say private equity money continues to look at the sector, hoping to acquire assets at bargain basement prices.
The mortgage company which H&R Block bought from Fleet Bank a decade ago services 349,000 nonconforming loans, 8.64% of which are in ...
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