Spotlight: Thrift to Buy B of A Mobile-Home Finance Unit
As BankAmerica was announcing its deal to merge with NationsBank came news that GreenPoint Financial Corp. has agreed to buy B of A’s mobile-home finance unit for about $703 million. The deal would make the New York-based thrift the No. 2 U.S. mobile-home lender, behind Green Tree Financial Corp. San Diego-based BankAmerica Housing Services has more than 1,400 employees in 31 states. It provides financing through 4,300 dealers and originated $3 billion in loans last year.