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Wilbur Ross to pay $1.1B for H&R Block's Option One
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Posted on
Mar 19 2008 12:49 AM
by
adeal
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H&R Block has signed an agreement to sell its troubled mortgage servicing business for $1.1 billion to billionaire investor Wilbur Ross. Rocked by the nationwide mortgage meltdown, Option One Mortgage's $53 billion in subprime loans is the nation's fourth-largest among subprime lenders. Kansas City-based H&R Block shut down Option One's mortgage originations after an earlier sale agreement fell through. The purchase will make WL Ross and Company the country's second-largest subprime servicing portfolio, after Countrywide Financial.
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