It’s going to tank!

WSJ-

Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength, said people familiar with the situation.

Employees could be notified as soon as Wednesday that the lender has decided to exit the correspondent channel because it no longer fits with the long-term strategy for its mortgage unit. The company decided to get out roughly four to six weeks ago, following a review led by mortgage chief Barbara Desoer. The business employs more than 1,000 people.

[WALL STREET JOURNAL]

Related posts:

1. Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement For Immediate Release Contact: Corinne Russell (202) 414-6921 Stefanie Johnson...
2. FDIC Objects to Bank of America’s Proposed $8.5 Billion Mortgage-Bond Pact There will be NO settlement! Via Bloomberg- The FDIC objected...
3. Nadler and NY Delegation Assail Iowa Attorney General for Excluding NY Attorney General from Mortgage Settlement Talks Tuesday, 30 August 2011 NEW YORK, NY – Today, Congressman...
4. BREAKING: New York Removed From State Group Working on Foreclosure Fraud Settlement Deal Truly remarkable that no one can convince Attorney General Eric...
5. Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal Gretchen Morgenson- Eric T. Schneiderman, the attorney general of New...