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Ross pays $1.1B for H&R's Option One
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Posted on
Mar 19 2008 1:06 AM
by
adeal
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Billionaire investor Wilbur Ross will pay $1.1 billion for H&R Block's troubled Option One mortgage servicing business, which has been rocked by the nationwide mortgage meltdown. Option One currently services about $53 billion of subprime mortgages, ranking it the fourth-largest in the nation. H&R Block (HRB, Fortune 500) previously shut down Option One's mortgage origination activities after exiting an earlier sale agreement with Cerberus Capital Management in December.
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