B of A to quit wholesale lending

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More trouble for mortgage brokers: Bank of America is quitting the wholesale lending business. This tonight from AP on a move the bank will officially announce tomorrow: ‘In addition to scaling back its investment banking operations, Bank of America Corp. is exiting the wholesale mortgage business and eliminating about 700 jobs, bank officials said Thursday.’

More: ‘The nation’s second-largest bank will stop offering home mortgages through brokers at the end of the year to focus on direct-to-consumer lending through its banking centers and loan officers. The move also eliminates the jobs in the bank’s consumer real estate unit.’

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