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Buyer Found for Option One?
Kansas City, MO -- H&R Block here has found a buyer for the $61 billion subprime servicing portfolio of its Option One Mortgage Corp. unit, according to investment banking sources.
At press time, it was unclear which bidder had won the deal. Investment bankers familiar with the transaction say Citadel Investment Group, Ken Griffin's $12 billion hedge fund firm, was among the lookers, as was a fund with ties to Citigroup.
The sale includes the servicing platform. Lazard Ltd. of New York is acting as H&R Block's advisor. Tim Dana, the investment banker in charge of the transaction, declined to comment.
Final bids were due about four weeks ago. "Not as many bidders showed up for this as they were hoping," said one advisor, requesting his name not be used.
The servicing rights, depending on prepayments and delinquencies, could be worth anywhere from 50 to 100 basis points, said bankers.
OOMC, as a servicer, ...
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...Wholesale subprime giant Option One Mortgage Corp. here plans to close 12 mortgage...interface with loan brokers. OOMC also will exit the bulk acquisition...and correspondent lender. An OOMC spokeswoman confirmed that cuts...loan processing offices left. OOMC said it is making the changes...
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Kansas City, MO -- Subprime giant Option One Mortgage Corp. here lost $69.7 million in its fiscal third quarter ending Jan. 31, reflecting a large increase in loan-loss reserves...
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- Magazine article from: Origination News December 1, 2006 700+ words
NEW YORK -- H&R Block Inc. last month was considering selling Option One Mortgage Corp., Irvine, Calif., one of the nation's largest subprime lenders. The tax preparation company also initiated cost-cutting...
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IRVINE, CA -- Option One Mortgage Corp. here last week trimmed 185...getting cold feet in regard to OOMC. Early last week, Cerberus...Securities and Exchange Commission, OOMC's parent, H&R Block...facility. (The clause requires OOMC to post a profit its second...
- OOMC to Sell $62B Portfolio.
- Magazine article from: National Mortgage News Muolo, Paul December 10, 2007 700+ words
...servicing portfolio of Option One Mortgage Corp., Irvine, Calif. OOMC - which H&R Block bought...Among all subprime servicers, OOMC ranks fourth nationwide. Lazard...hedge fund was scheduled to buy OOMC. Earlier this year, Cerberus...
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- Magazine article from: National Mortgage News Muolo, Paul February 11, 2008 700+ words
...portfolio of its Option One Mortgage Corp. unit, according to...points, said bankers. OOMC, as a servicer, also...mortgage lender ResMAE Mortgage Corp. of Brea, Calif. ResMAE...the poor performance on OOMC's discontinued production...
- OOMC Plans Closures, Cuts.
- Magazine article from: National Mortgage News Muolo, Paul May 21, 2007 700+ words
...Wholesale subprime giant Option One Mortgage Corp. here plans to close 12 mortgage...interface with loan brokers. OOMC also will exit the bulk acquisition...and correspondent lender. An OOMC spokeswoman confirmed that cuts...loan processing offices left. OOMC said it is making the changes...